The MCX Zinc price, as shown in the daily chart above, has taken resistance of the 61.8% retracement level of the fall from February 2013 high at Rs.119.1 level, to the May 2013 low at Rs.97.35 level. The price is currently near the 38.2% retracement level at Rs.105.7 level. A test of immediate resistance at Rs.108.3 level (50% retracement level) could be possible for the short-term. However, this could be taken as a selling opportunity for the downside target of the 23.6% retracement level at Rs.102.6. This level also happens to be the previous horizontal support.
A 14-period RSI on the daily chart has tested horizontal resistance near the 50 mark and has turned lower indicating weakness.
The overall bias for the current week remains on the negative side for the target of Rs.102.6 level.