Zinc drifting in the downward sloping channel
Adjacent chart shows the price movement of MCX Zinc continuous contract. Zinc is drifting lower in a downward sloping channel. Zinc continues to drift lower after finding resistance at the 20DMA. As it is trading at the daily lower Bollinger band, minor degree pullback is possible in the near term. However, any minor degree pullback shall be considered as selling opportunity as long as it does not close above the 20DMA of 201. On the way down, zinc can drift lower towards 189 – 185 in the forthcoming trading sessions. The daily momentum indicator is bearish.