Zinc in upward moving channel

Zinc in a upward channel 

As seen in the attached daily chart of zinc daily, we can see a symmetrical triangle ( coil ) in between 4 th april to 20th may. After completion of this pattern, price entered in a upward moving channel. After entering in a upward channel price touched 2 times to resistance channel ( point 1 & 3 ) and returned to support line ( point 2 & 4 ). Price respected both lines, i.e - resistance & support line. This structure clearly indicates that price is going upward strictly within the channel. On thursday & fiday price touched support line @ point 4 & again turn upward.

This all scenario tells us that now price is moving towards Rs 157 mark where resistance line is placed. But keep in mind that, if it moves fast , only then it will touch resistance line around 156. As it takes more time to move up, resistance line will also go upward.

Wave count or elliott wave theory is nothing but a simple dow theory based on higher tops & higher bottom or lower tops or lower bottom. As per this theory 4 th wave end @ Rs 145 & now price is in 5 th upward wave which can take price towards 156 mark.

Resistance is placed around 153, which is last top .

Moving averages are bullish and there is support of 20 day moving average shown in red color line.

Conclusion -- After crossing 153 mark and sustained price can hit 156 above, there is support @ supportline, which is also upmoving. So support is now placed around 147. As the days pass, support price also push itself up and up.
You can read this article on investing.com website, in comment - analysis section. link ---- 
http://in.investing.com/analysis/zinc-in-upward-moving-channel-200145153

Update 04/08/2016

 As shown in this attached hourly chart, zinc price touched Rs 153.26 price and turn down on 2nd aug. It took resistance there. Our level works very well.