The price of Zinc futures has a decrease since May 23. He is currently quoting around ₹ 252/kg.
The price action shows a clear bearish bias. The contract cannot break a resistance of the fingertips and the price is below the mobile averages of 21 and 50 days.
From the current level, Zinc’s future will probably witness a decrease. The closest support is ₹ 246. But we hope that the contract extends the decline to ₹ 243.
After falling to ₹ 243, there may be a bounce in the price. But in case the support for ₹ 243 is violated, zinc futures can see a deeper, possible to ₹ 233.
On the other hand, if zinc futures leave the trend line, you can face a barrier to ₹ 256. Above this there is another resistance to ₹ 262. Only a clear violation of this level can change the positive perspective.
So, as is, bears have an advantage over bulls.
Commercial strategy
We recommend that they are zinc futures at an average price of ₹ 252.50 on June 2. Retain this operation with a stop-to ₹ 258. When the contract falls to ₹ 246, check the stop -los a ₹ 250. Book earnings to ₹ 243.