Zinc (LME) is gunning for the 2583.00 September high after having risen as high as 2282.00 in October, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, informs.
“Zinc is rapidly heading back up towards the September high at 2583.00, having recovered from its current October low at 2282.00. On the way the two-month resistance line can be seen at 2513.00 and the September 21 high at 2554.00.”
“Only if a rise above the September high at 2583.00 were to be seen, would the October 2010 and February 2011 highs at 2599.75/2638.75 be next in line.”
“Minor support below the 55-day moving average at 2437.95 sits at the 2354.00 September low.”
“Only an unexpected fall through the next lower mid-July high and current October low at 2282.00/2272.00 would lead to the 200-day moving average and eight-month support line at 2215.04/2170.19 being targeted.”
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