Zinc futures price seems to face strong resistance at $2543. The technical bounce was well up to the mark as I concluded on June 6th, 2017 in my last analysis. On analysis the movement of zinc futures price in different time zones, I find that the zinc futures price has to consolidate first in the range from $2462 to $2542 before moving upward.
I find the opening on the first trading session with a Gap Down at $2489, if this situation arises, then a good reversal may be seen due to short covering which may bring the price up to $2548 but this will again face the Strong Resistance Zone.
If the expected scenario is reversed and the first trading session finds a Gap Up, the price will immediately start a downward speedy move which may bring zinc futures price below $2468. A cautious approach is better before creating a fresh position amid growing volatility during the forthcoming week.
Have a nice trading week.
