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The continuous contract of zinc on the Multi Commodity Exchange (MCX) faced considerable amount of volatility during the first couple of months this year.
The volatility subdued in March when the contract settled for a sideways price movement – it started to trace a horizontal price pattern with the boundaries at ₹213 and ₹220.
However, in early April, it started to gather positive momentum and consequently, it broke out of the resistance at ₹220.
While it rallied in April, it started to lose momentum and thereafter, the contract was treading in a sideways trend i.e., between ₹230 and ₹244. A minor corrective decline followed and the price level of ₹244 has now turned support.
On Wednesday, the contract moved above the prior high and broke out of the important level of ₹250. So, traders can buy zinc futures with stop-loss at ₹244 and look for a possible target of ₹260.
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