Type:
Bullish Momentum
Key Levels:
Resistance: 354.15
Pivot: 326.7
Support: 309.05
Preferred Case:
On the H4, with price moving above the ichimoku cloud and within the ascending trend channel, we have a bullish bias that price will rise from the pivot at 326.7 in line with the 78.6% fibonacci projection to the overlap resistance at 354.15 in line with the 61.8% fibonacci retracement .
Alternative Scenario:
Price may break the support structure at the pivot and drop to the swing low and support level at 309.05 in line with the 78.6% fibonacci retracement .
Fundamentals:
We have a bullish view on zinc as supply has fallen short of demand due to the Russian-Ukraine war.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.