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Technical Forecast for Zinc for 19th May 2013

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Technical Forecast for Zinc for 19th May 2013

 

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.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Technicals Commodities Markets Trading Ideas

 

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