ZINC FUTURES, H1 Potential for Bullish Continuation
Type : Bullish Rise
Resistance : 322.8
Pivot: 317.7
Support : 313.65
Preferred Case: On the H1, price is moving above the ichimoku cloud and has broken out of the descending trendline which supports our bullish bias that price will rise from the pivot at 317.7 where the pullback support is to the 1st resistance at 322.8 in line with the swing high resistance, 61.8% fibonacci retracement and 50% fibonacci retracement .
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 313.65 in line with the pullback support and 50% fibonacci retracement .
Fundamentals: No major news
Resistance : 322.8
Pivot: 317.7
Support : 313.65
Preferred Case: On the H1, price is moving above the ichimoku cloud and has broken out of the descending trendline which supports our bullish bias that price will rise from the pivot at 317.7 where the pullback support is to the 1st resistance at 322.8 in line with the swing high resistance, 61.8% fibonacci retracement and 50% fibonacci retracement .
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 313.65 in line with the pullback support and 50% fibonacci retracement .
Fundamentals: No major news
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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