Zinc backed away from the 10 month trend line at 1904 to 1880/70. We looked for a bounce from here & over ran to 1862 but could continue lower today
Zinc LME Daily Forecast - 18 April 2013Zinc backed away from the 10 month trend line at 1904 to 1880/70. We looked for a bounce from here & over ran to 1862 but could continue lower today for 1850/45 then a retest of 1828/25 lows looks likely. The short term picture is more negative so if trying longs here we need a tight stop below 1822 for a retest of Oct lows at 1813/12. Longs here need a stop below 1809.
Above 1880 looks a little brighter & we should retest 1906/07. Good chance we top out here again today but a break higher should reach 1918/20. Here we should end the bounce & run in to sellers. We can exit remaining longs & sell in to shorts with stops above 1940 as a break higher would then target 1973/79. Sell again here with stops above 1990.
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