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October 01, 2010, Zinc Opportunity for bulls

In terms of channel study MCX Zinc is rising in a medium term rising channel. As per recent wave structure it has formed a five wave advance followed by a three wave flag correction. The correction has found support at lower end of the channel and 50 DEMA. The larger picture shows that Zinc has broken out from a long term falling trendline and is consolidating before the next leg up. The correction has brought daily MACD down to the equilibrium line; hence the indicator is ready for next cycle up. Unless the base metal closes below 95.4, targets would be 103.4 (recent high) – 112 (upper end of the channel)

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