ZINC FUTURES (ZR1!), H1 Potential for Bearish Momentum
Type : Bearish Momentum
Resistance : 333.95
Pivot: 329.95
Support : 317.75
Preferred Case: On the H1, price is moving below the ichimoku cloud and has broken out from the ascending trendline which supports our bearish bias that price will drop from our pivot at 329.95 in line with the overlap resistance and 38.2% fibonacci retracement to the 1st support at 317.75 in line with the swing low support, 50% fibonnaci retracement and 78.6% fibonacci projection .
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 333.95 in line with the swing high resistance, 100% fibonacci projection and 61.8% fibonacci retracement.
Fundamentals: As market worries over inflation slightly pushed up US dollar index, we have weak bearish bias for zinc.
Resistance : 333.95
Pivot: 329.95
Support : 317.75
Preferred Case: On the H1, price is moving below the ichimoku cloud and has broken out from the ascending trendline which supports our bearish bias that price will drop from our pivot at 329.95 in line with the overlap resistance and 38.2% fibonacci retracement to the 1st support at 317.75 in line with the swing low support, 50% fibonnaci retracement and 78.6% fibonacci projection .
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 333.95 in line with the swing high resistance, 100% fibonacci projection and 61.8% fibonacci retracement.
Fundamentals: As market worries over inflation slightly pushed up US dollar index, we have weak bearish bias for zinc.
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