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Zinc on a spring board

As can be seen from the chart, MCX Zinc formed a large wedge pattern, which got over at the high of 119.10. From there, the commodity has fallen sharply. It has retraced 78.6% of the previous rise. Recently, it has formed an ending diagonal and has broken out on the upside. After the breakout, it has retested the pattern breakout line and is ready for a next move on the upside. The daily momentum indicator is showing a positive divergence and has given a buy signal. All these signs suggest that the base metal is poised for a shortterm bounce. The key levels on the upside are 108 and 109.60. The reversal for the bullish view can be placed below the recent low, ie 100.20.

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