On a daily chart, the MCX Zinc price has been moving within the “Rising Channel” pattern which is a bullish set up. In addition,price has found support at the 200 DEMA and moved up smartly. Moreover, 21 EMA and 50 EMA are in bullish crossover on the daily chart which again is a bullish set up. On the other hand, proximity to the higher band of the said channel acted as resistance which has led to a downwards move.

Besides, momentum indicator RSI is in bearish crossover and falling onthe daily chart, which indicates possibility of minor downside momentum in the price. As the MCX Zinc price looks positve for the medium term; however, taking into account the near term weakness, one can initiate a long position in MCX Zinc (Nov) on dips at Rs.209 and up to 205, for a target of Rs.221; a stop loss to be kept below Rs.202 levels. Overall, we hold our bullish view in Zinc for one to two months.

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