MCX Zinc & Aluminum: Technical Insights

free commodity market mcx zinc daily chart and tips

MCX Zinc Analysis

Examining the daily chart of MCX Zinc utilizing Fibonacci retracement, notable developments are observed. In May 2023, Zinc breached the 61.8% retracement level but did not test the subsequent level at 78.6%. Instead, it retraced back to the 61.8% level. The pivotal level of 228 suggests that the downtrend in Zinc may have concluded. This level holds significance as it could propel Zinc upwards, targeting levels of 236, 242, and potentially 257.6.

According to the principles of Fibonacci retracement, a weak trend reversal signal is indicative of a weak trend. Therefore, if Zinc breaches the red trendline, a potential downside with target prices of 212, 206, and 200 could be anticipated. Caution is advised between the 61.8% retracement level and the trendline.

MCX Aluminum Outlook

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MCX Zinc: Bullish Momentum Ahead

free commodity mcx zinc trading chart & tips

MCX Zinc Signals Potential Bullish Momentum with Clear Target Levels

MCX Zinc is currently right at its 100-day Simple Moving Average (SMA). Additionally, we’ve seen a positive crossover on the Moving Average Convergence Divergence (MACD) indicator.

Closing above the SMA 100 is significant, indicating a potential upward move with two target levels at 224 and 228 in the coming days. This is an appealing opportunity for short-term traders.

It’s important to note that initiating a position when the price is below the SMA 100 is not recommended due to higher risk.

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