MCX Zinc Forecast For Today [08-12-2022]

MCX Zinc Forecast For Today: Zinc future in the 1D chart has formed a “Falling Channel”  in which we can see that zinc is gradually been recovering and trying to make a higher high we can see from the levels of 263 on 29th Nov it has now touched a high of 284 which is one of a strong rally of the past couple of months.

We saw zinc gaining momentum and almost breaching the previous session resistance closing at 283.45 and closing at it, due to the consolidation in zinc previously it is giving strong momentum and trying to break out of the pattern session we saw an intraday range of 284-274 in the previous session, the current key resistance holding near 287.50 which was the previous high’s and if that is broken then we can see an upside rally which could be testing up to 290-292 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance level, then it might retest the downtrend and continue with the trend to bearish/sideways. Key support holds at 278.55, which was the previous resistance. 

MCX Zinc Tips For Today

sell if it breaks below 281.45, then sell for targets 278-275 keeping an SL of 283.25, and buy if it sustains above 285.55 for targets 288-292.20 keeping a trail SL of 283.60.

Note: Above information is not recommending any buy or sell position, this is for your reference only and trading or investment in commodities & derivatives is subject to market risk.

Disclaimer: Investment in the securities/commodities market is subject to market risk, read all the related documents carefully before investing/trading.

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