MCX Zinc formed a large ending diagonal and tumbled down sharply from there. Recently, it has done a short term pullback. It has retraced 78.6% of the previous fall and from that key Fibonacci level it has started falling once again. On the way down, it has broken a short-term rising trend-line.
The daily momentum indicator that has been showing negative divergence has triggered a bearish crossover. Thus, the base metal is poised for a fall till 105.70-103.70 from a short-term perspective. The swing high of 113.10 will act as a strong resistance.