MCX Zinc August: Sell At CMP 119.5 | Stop @ 121.5 | Target @ 115.65 — 112

MCX Zinc August: Sell At CMP 119.5 | Stop @ 121.5 | Target @ 115.65 — 112

MCX Zinc August Outlook Weak

The technical chart of MCX Zinc shows A-B-C Chart Pattern formation. Zinc reverted from the 50% retracement level yesterday and witnessed a gap down opening today due to selling pressure.

As per the chart pattern, prices might fall by 100% expansion from Point C as it was witnessed from Point A to Point B. The distance from Point A to Point B comes to 5.85 points and calculating the same from Point C, brings the initial target to 115.65.

According to the chart, a 161.8% expansion from Point C brings the target to 112 on the lower side.

If the contract crosses resistance level of 121.50 then prices may rise to 123.50 levels. However, if it reverts from the current level of 119.50 then prices could fall to 115.65 levels. A further drop to 112 isn’t ruled out if the contract breaks 115.65.