Zinc today - technical comment

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Technical Comment

Momentum is in positive territory, confirming that the trend remains upward. The ADX is back above 20 – the strength of the current trend has grown.
Analysis

• Zinc surged to a fresh 2016 high today, confirming that the uptrend is set to last longer and that the bulls are currently in charge. The key daily moving averages remain upwardly inclined, which should provide some support in case of consolidation.
• On the upside, zinc’s next challenge is to take out the $2,200, which corresponds to strong resistance at a technical and fundamental level (see below). On the downside, we are closely monitoring the 20 DMA, a break of which could put the metal back below its DTL.

Conclusion

Our short-term bullish forecast – namely that a fresh 2016 high was on the cards – has proven to be correct. We keep our constructive near-term view intact principally because our technical analysis suggests that the uptrend may continue.
But zinc prices are in a danger zone because of a possible Glencore restart, assuming that prices remain stable. We would be willing to stay on the long side as long as prices remain above their50 DMA, which has proven to be reliable support since the start of the uptrend that started in mid-January.


https://www.fastmarkets.com/base-me...y-prices-enter-danger-zone-above-2-100-91502/