Type : Bullish Rise
Resistance : 341.40
Pivot: 330.20
Support : 317.70
Preferred Case: On the H4, with price moving within a bullish channel as well as above the ichimoku indicator, we have a bullish bias that price may rise to our pivot at 330.20, where the overlap resistance is. Once there is upside confirmation that price has broken pivot structure, we would expect bullish momentum to carry price to 1st resistance at 341.40, where the 100% fibonacci projection and swing high are.
Alternative scenario: Alternatively, price could drop to 1st support at 317.70, where the overlap support, 78.6% fibonacci retracement are.
Fundamentals: Glencore has already suspended production at one of its zinc smelters in Europe, leading to a sharp drop in its metal output this year. The decrease of supply contributes to the increase of price.
Resistance : 341.40
Pivot: 330.20
Support : 317.70
Preferred Case: On the H4, with price moving within a bullish channel as well as above the ichimoku indicator, we have a bullish bias that price may rise to our pivot at 330.20, where the overlap resistance is. Once there is upside confirmation that price has broken pivot structure, we would expect bullish momentum to carry price to 1st resistance at 341.40, where the 100% fibonacci projection and swing high are.
Alternative scenario: Alternatively, price could drop to 1st support at 317.70, where the overlap support, 78.6% fibonacci retracement are.
Fundamentals: Glencore has already suspended production at one of its zinc smelters in Europe, leading to a sharp drop in its metal output this year. The decrease of supply contributes to the increase of price.