zinc, is it moving towards 170 ?

Zinc, in process of making descending triangle

Zinc mcx daily chart

     First of all, keep in mind that,' this is daily chart and take its time accordingly.' Many of us are habitual of 15 min, hourly chart to get instant results but here is daily chart posted.

     As seen in the chart, after making high around 204, zinc price turned downward, made low of 166 and turned upward and made new lower high of 196 around. After the high of 204, zinc price is made lower and lower highs, as seen in the attached chart.

     If we cover all candles from 204 high in triangle, there will be symmetrical triangle chart formation is in making. But we cant hold the position for such a long duration to get expected results. so we took price movement from second lower high of 198 marked at 13th Feb 2017 till yesterday.

     After drawn a triangle, there is descending triangle appeared on chart. To confirm it we used ABCD pattern and acknowledge that price touched 2 times to upperline and 2 times to the lower ( support line ) line. This is essential for to be a descending triangle.

     On the upside, resistance from channel resistance line ( descending line ) and prior high is placed at 186.50 around. this should be sl.

     Support line of this triangle is placed at 175.75, if zinc price break this, then it can touch 170 mark and after that 166 mark. Thats all, what can I read from this daily zinc chart. 

     Hope that, this post will help you in taking your descisions. If you like this article, please share it on facebook and other social media. Thank you for giving your precious time to read my blog, Jay Shriram.

update 1, 7th April, 12.30 am

mcx zinc daily chart

     As you can see in the chart, 6th april closing price is 175.95 and price made low of 175.05, closed on very negative note. Rule for descending triangle is that,' breakout should happen after 2/3 rd triangle space is captured by candles, but that rule was not followed by zinc price in this case. On 3rd april zinc price tried to breakout downwards breaching 175.80 price mark downwards but failed. A falls spike occures taking the price up to 181.75. after two trading days, today it comes back on right track. 

     Now we are using trailing stop loss method to lock profits. Next tgt is 170 followed by 166. Lets hope for good. Jay Shriram.

update 2, 7th apr, 12.37 pm

mcx zinc daily

     Beautiful breakout, patience paid us huge profits. We shorted it at 181 and holding the position patiently since last 1 month or more. Many up and downs were there. Price went up to 188, but we didnt shut down position. We were confident about our chart pattern. And here is the result. I feel this chart pattern is more beautiful than Taj Mahal.

Update 3, 12th April 2017, 11.45 am

mcx zinc daily chart

     Look at the daily mcx zinc chart, price broke S2 166 just before few minutes. Below 166 there will be panic situation for zinc, can face lower circuit. If somebody is caught in long position should place sl at 164 and wait for any pull back to exit long.

    We booked all profits for our short  position created around 181. Now this zinc post is closed.