Charts show that the contract has been in a sturdy downtrend on account that April this 12 months. The current corrective upward push has room to move up similarly from current levels.

The MCX Zinc futures contract is currently trading at ₹284 in line with tonne. Strong resistance is inside the ₹287-₹290 place. The settlement can rise within the subsequent couple of days to check this resistance sector.

We count on the corrective rally to halt anywhere inside the ₹287-₹290 location and reverse decrease. The place around ₹290 is the neckline aid degree of the pinnacle and shoulder reversal pattern visible on the chart.

So, a damage above ₹290 may not be clean and would need a few robust trigger. So, a reversal will mark the start of a sparkling leg of down flow. That pass can take the settlement all the way down to ₹280 to begin with.

A ruin beneath ₹280 may have the capability to drag the MCX Zinc futures agreement lower to ₹270 and ₹260 over the subsequent two-three weeks.

Trading strategy
Since the wider trend is down, it’s miles most effective to be at the promote aspect of the market in place of going long at modern-day tiers.

Traders can watch for a upward push and go short at ₹287 and accumulate shorts at ₹290. Keep the prevent-loss at ₹294. Trail the stop-loss right down to ₹285 as soon as the contract falls to ₹281. Move the stop-loss in addition all the way down to ₹282 as soon as the settlement touches ₹278. Exit the short positions at ₹276.