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Technical forecast for Zinc for 19th May 2013

By () · May 19, 2013 · Comments Off on Technical forecast for Zinc for 19th May 2013
Metals · analysis, binary option, buy sell, candlestick, charts, day trade, day trading, down trend, fibonacci, forecast

Zinc pushed higher as predicted beating resistance at 1843 but stalled just above 1851. The outlook is more negative as we start a new week. A break of support at 1836 should lead us lower to 1829/28 then on towards April/May lows at 1816/12. This is good support but it looks like we will fail on a retest this week. A break lower should trigger stops for a test of the 18 month trend line at 1779 & what could be a good buying opportunity.

Resistance at 1851/55 but a break higher opens the door to strong resistance at 1863 where we should struggle. Exit longs & try shorts with stops above 1870.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More

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