EquityPandit’s Outlook for Zinc for the week  (Aug 20, 2018 – Aug 24, 2018) :

ZINC:

ZINC closed the week on a negative note losing around 4.50%.

As we have mentioned last week, that minor support for the commodity lies around 174 to 176. 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 164 and close the week around the levels of 168.

Support for the commodity lies in the zone of 165 to 167 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.

Minor resistance for the commodity lies around 172 to 175. Resistance for the commodity lies in the zone of 180 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 155 – 160 on downside & 175 – 180 on upside.