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The spot and futures price of Zinc on the MCX remains in the sideways trend. The December futures contract of the metal continues to trade in the band between ₹181 and ₹185 and only if it moves out of this price band, the next leg of trend can be confirmed.
Current price level of ₹183.4 coincides with the 21-DMA and a break above that level can tilt the outlook in favour of bulls. As we can notice, a positive bias is indicated by the Moving Average Convergence Divergence (MACD) indicator and RSI on the daily chart. While the MACD is pointing upwards as it has entered the positive zone, the RSI is showing a mild uptick despite a consolidation in price.
If the contract gain traction and breaks out of the upper limit of the range at ₹185, it will face a resistance at ₹188.8. Above that level, the contract can appreciate to ₹193. On the other hand, if the contract breaks below the lower limit of the range at ₹181, it might decline to ₹174.
The three-month rolling forward contract of Zinc on the London Metal Exchange broke out of the range between $2,200 and $2,260 last week. The contract also went above the 21-DMA turning the short-term trend bullish. Also, the RSI and MACD hints positive outlook. Currently trading at an important level of $2,300, the contract will face hurdles at $2,320 and $2,380. On the downside, $2,260 and $2,140 are the considerable support levels.
The forward contract of Zinc on the LME hints a bullish outlook and also, there are some positive indications with respect to the metal’s price action on the MCX, even though it continues to consolidate. The futures contract faces a resistance at ₹185. Thus, traders can wait for a breakout and initiate fresh long positions above ₹185 with ₹180 as stop-loss.
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