MCX Zinc October Quarter Chart: Correction For Near Term

Report for Date: 10/10/2016

MCX Zinc October Quarter Chart: Correction For Near Term

MCX Zinc (Price figures below are in Rs/INR per Kg)

A larger degree Wave B is in progress.

Wave (c) of Wave B is in progress.

Wave i could be complete at recent high of 160.75.

Correction now will be Wave ii of Wave (c) of Wave B which is retracement of the rise from 96.65 (in 2016) to 160.75.

Retracement levels are placed at 145-136-129-121.

Wave B at higher level could end at 175 or at 208.

Therefore, correction to 136-129-121 could be opportunity and support can be created at these points. Buying could emerge at the retracement levels.

Strategy

Traders can buy above 161 or exit long.

Accumulate once bounce is seen from retracement for trading pullback.

Physical Traders may look at retracement level for accumulating stocks.

Disclaimer: There is risk of loss in trading in derivatives and the report is not to be construed as investment advice. The information provided in this report is intended solely for informative purposes. The author, directors and other employees of CC Commodity Info Services cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above.