EquityPandit’s Outlook for Zinc for the week  (July 23, 2018 – July 27, 2018) :

ZINC:

ZINC closed the week on a positive note gaining around 0.90%.

As we have mentioned last week, that support for the commodity lies in the zone of 165 to 170 where long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 150 to 155 where the commodity has formed a bottom in the month of June-2017. During the week the commodity manages to hit a low of 171 and close the week around the levels of 179.

Support for the commodity lies in the zone of 165 to 170 where long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 150 to 155 where the commodity has formed a bottom in the month of June-2017.

Resistance for the commodity lies in the zone of 178 to 182 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 190 to 195 from where the commodity broke down from June-2018 lows.

Broad range for the commodity in the coming week can be seen between 165 – 170 on downside & 190 – 195 on upside.