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)


Shubhlaxmi Commodity is a Free portal where you are provided all market such as Commodity stocks futures and Currency Like USD To INR and internatinol live market prices and live charts and Free support and resistance level

Post A Comment: