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Elliot Wave Analysis: Zinc Reversal Happened

Published 06/27/2017, 03:41 PM
Updated 07/09/2023, 06:32 AM

As prices reached to Finish-line of a long Flat correction pattern, LME Storages hit new lows since 2007 and facing shortage era for Zinc. 300000 tones of stored zinc remaining and this report from LME zinc storage rings the alarm of rising in prices for investors.

After finishing the pattern , Zinc prices rose over 12% trading at $2753, but it seems the market needs some rest to continue bullish trend. There is a major resistance level at $2760 which can lead the prices to $2660 as first major support to complete a correction subwave, but if the prices pass through $2760 resistance, whether completing a correction or passing through directly, next target may be previous top at $2894 where can be a strong and important resistance price cluster.

Zinc Future (CFD), H4 Frame Chart

Latest comments

Excellent mr soleymani
good luck sina!
hi hamid
Can you give me the time and date of started zinc trading in lme. With started price or historical data like ohlc.. . I m gann fan so I want. . . 1444 low on 12 Jan 2016 and high 2984 on 28 Nov 2016.
I dont know
what about?
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