The Commodity is trading at its all time high, on a daily basis a breakout is seen in the commodity.

The other thing of consideration is that the commodity is trading in a rising wedge. A commodity took a support at the lower trendline and then within 3 days buyers came in strong letting the commodity close higher.

We are expecting the commodity to trade long but we will wait for a strong confirmation to enter the position. Divergence are seen on the RSI but a falling trendline breakout is also been observed, it's not necessary that RSI are going to always show the divergence and if divergence are seen we are going to see a downfall, RSI can dappen as well if the emotions are still positive. In our case we are waiting for a day to close higher and the RSI to follow the price. If this is seen we  will go long.

The DMI+ has crossed DMI- indicating positive movementem, the ADX is below DMI- once the ADX is above the DMI- we will get another confirmation.

Advice : Buy if the commodity is able to close higher for a day.

ZINC

Oct 10 2021

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