- 25 Jul,2017
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MCX Zinc Analysis 2017 by Trend line Pattern
Writer-Mcx Sure Gain
Traders, Today we are here to give you a report on MCX Zinc according to our Trend line Pattern Method. In couple of months, MCX Zinc has given a sharp move towards upside. In November 2016 Zinc gives a movement of approx 40 Points in a signal month. The lowest level was 161 and Highest level was 203 Approx.
Now we are going to start discussing about the future move of Zinc. I am going to point out some of the support and resistance levels generated by our trend line analysis method.
In the Above Image, You can see one green Trend line which is showing the up ward movement of Zinc for the month of July and there are two more lines indicating down trend. One is red and another one is white. The red line is long term trend line and white is short term. The crossover of the 3 lines are known as the support, resistance and pivot level. In the image we have showed some stars on the crossover.
For the main support, resistance and pivot levels we have plotted horizontal lines which also you can see in the chart.
Instructions to Trade: Today on 25th July 2017, Current price of the symbol is 182.40 and according to our analysis zinc again came under the storng buy zone but as you can see in the chart, it seems facing some problem to move more up side. If it takes the support of the green line and move further according to the same direction then it can soon touch the major resistance levels. If it don't get any support for the green line and breaks the line for down move then you can see a sharp down fall till 178 Levels into Zinc.
Short Term: Sell below 181.50 SL 183.50 TGT 178.70-176.50
Long Term: Sell Below 182 SL 185.50 TGT 176.50-171.50 (if it breaks and sustain for 3-4 hours below 182.40)
Disclaimer: All information provided in the blog is only on the basis of Technical Analysis. Trading in Stock or commodity market can be risky. We are not responsible for any kind of loss. Trade according to your personal risk.