MCX Zinc: The Bull trend to continue

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MCX Zinc (Daily Continuous)




MCX Zinc is one of the best performing industrial metal when compared with others. By using combination of basic and advance technicals one can come across the forecasting and direction of this metal price.

From the above chart (daily continuous), prices from early 2016 started moving in a higher high and higher low formation and also moved in a rising (blue) channel till November 2016. As there is no discontinuation of the positive formation, along with the recent breakout of the falling blue channel, the overall bias for this metal is firmly positive.

As per wave theory, prices have completed (a-b-c) pattern, post that the movement seems to be impulsive. the possibility for wave iii is open taking prices higher till 205 levels which is 100% of wave i or more than that.

In short, the formation is positive, Zinc will continue to outperform and can test 205 levels.

Disclaimer: The above analysis is only for the study. No trade shall be executed from the above study.

Comments

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25 September 2020 at 15:49
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