EquityPandit’s Outlook for Zinc for the week  (April 17, 2017 – April 21, 2017) :

ZINC:

ZINC (168.60) closed the week on a negative note losing around 1.95%..

As we have mentioned last week that support for the commodity lies in the zone of 168 to 170 where 200 Daily MA is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 164 to 166 where Fibonacci level and low for the month of December-2016 is lying. During the week the commodity manages to hit a low of 165 and close the week around the levels of 169.

Commodity has closed just below the support zone of 168 to 170 where 200 Daily MA is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 164 to 166 where Fibonacci level and low for the month of December-2016 is lying.

Minor resistance for the commodity lies in the zone of 172 to 173. Resistance for the commodity lies in the zone of 175 to 177 from where the commodity broke down. If the commodity manages to close above these levels then the commodity can move to the levels of 179 to 181 where Fibonacci level is lying.

Broad range for the commodity in the coming week can be seen between 161 – 163 on downside & 178 – 179 on upside.