Fractal Pattern In Zinc
ashok kamarani | Apr 24, 2017 07:49AM ET
Zinc made a fractal pattern like it has in the past, shown as A. The market has its own nature of moving up and down with the historic patterns. As shown in the figure, zinc made a bullish pattern near the horizontal demand zone at B, and has bullish implications like A (shown). We expect LME zinc may move towards the first resistance of 2676 (C as shown in fig) and sustaining above that level will extend the move till 2898. One can buy LME zinc between 2600-2550 for the target of 2680, 2750, 2800, 2890 with a SL below 2516, sustaining below 2516 will negate our view.
Indicator view: Osciilators works as a cashing machine in the sideways markets. As S1 pattern worked well in the stochastic w.r.t to price around A, we expect the same may repeat around B.
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