MCX zinc on daily chart shows a three-wave pullback, which retraced 38.2% of the previous fall. Near the key Fibonacci level, the base metal faced resistance from the junction of 40-day exponential moving average and the daily upper Bollinger band. From these multiple hurdles zinc has started falling down. The daily momentum indicator has triggered a bearish crossover near the equilibrium line. Thus, zinc is expected to trade with downward bias. Unless it crosses 20-day moving average, ie Rs.128, on closing basis zinc can test lower levels. From short- to medium-term perspective, the key level on the downside will be Rs.120-117