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Trade Setup: MCX LEAD, ZINC & NICKEL
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MCX Zinc & Aluminum: Technical Insights
MCX Zinc Analysis
Examining the daily chart of MCX Zinc utilizing Fibonacci retracement, notable developments are observed. In May 2023, Zinc breached the 61.8% retracement level but did not test the subsequent level at 78.6%. Instead, it retraced back to the 61.8% level. The pivotal level of 228 suggests that the downtrend in Zinc may have concluded. This level holds significance as it could propel Zinc upwards, targeting levels of 236, 242, and potentially 257.6.
According to the principles of Fibonacci retracement, a weak trend reversal signal is indicative of a weak trend. Therefore, if Zinc breaches the red trendline, a potential downside with target prices of 212, 206, and 200 could be anticipated. Caution is advised between the 61.8% retracement level and the trendline.
MCX Aluminum Outlook
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MCX Zinc: Bullish Momentum Ahead
MCX Zinc Signals Potential Bullish Momentum with Clear Target Levels
MCX Zinc is currently right at its 100-day Simple Moving Average (SMA). Additionally, we’ve seen a positive crossover on the Moving Average Convergence Divergence (MACD) indicator.
Closing above the SMA 100 is significant, indicating a potential upward move with two target levels at 224 and 228 in the coming days. This is an appealing opportunity for short-term traders.
It’s important to note that initiating a position when the price is below the SMA 100 is not recommended due to higher risk.
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EWT – MCX Zinc Is Ready For Its Final Impulse
MCX zinc has been forming the corrective structure in the descending channel for more than 28 weeks. The ending point of impulse was 383.55.
At present, MCX zinc has accomplished the corrective wave ((B)) and started forming sub-waves of the impulsive wave (C). Price has completed 78.6% retracement, where wave A = C at 217. Zinc has accomplished wave (4) of wave ((C)). Wave ((C)) retraced 61.8% of wave ((A)). Zinc is trading below 50-day EMA, and RSI is above 30.
Zinc will try to test the price hurdle of 267, so traders can sell zinc nearby 267 for the following targets: 252.6 – 246 – 244.
Target measurement using the Fibonacci relationship:
- Wave (5) of wave ((C)) can end near 161.8% reverse Fibonacci retracement.
- Wave ((C)) can occur near 100% extension at 217, where wave A = C.
- Wave ((C)) can cease to exit at the lower band of the parallel channel.
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MCX Zinc & Lead Tips & Elliott Wave View
MCX Lead Short-term Cycle Shows Big Trend
It’s the daily chart of the lead. Here, it has made the bullish Elliott pattern, and the ABC correction was completed on the 24th of December 2020. And right now, it started to move upside as per the rules of the bullish Elliott wave pattern. And it will move upwards till 158.6 – 162.
MCX Zinc Will Touch 240 by EWT
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 five sub-waves.
Short-term investors can see the following levels soon: 228 – 234 – 240.
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