Here's the daily chart of the MCX zinc. It has made two Elliott waves. The first one is bearish, and the second one is bullish. The bearish was started from the 11th of April 2019 and ended on the 19th of March 2020. The bullish one started on the 19th of March 2020, and the fifth wave of this Elliott wave is remaining. In the Elliott wave theory, each wave has...
Zinc took a bounce back from the lower levels yesterday, and it has failed to break last week's low level of 212.1 . Intraday traders can initiate long positions for levels of 219.6 - 220 .
If it breaks last week's low, we may see 210 - 208.6 levels. Overall, it's positive. Long positions can be initiate with targets at 221.6 - 224 - 230 in extension.
ZINC is witnessed to be maintained inside a channel from long with a high RSI, now the trend is on the lower trend line of the channel with the RSI towards downward! chances of breakdown!
PLAY SAFE WITH SL!