EquityPandit’s Outlook for Zinc for the week  (Nov 12, 2018 – Nov 16, 2018) :

ZINC:

ZINC closed the week on a negative note losing around 1.80%.

As we have mentioned last week, that support for the commodity lies in the zone of 190 to 193 where Fibonacci levels and long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 185 to 187 from where the commodity broke out of August-2018 & September-2018 high and Fibonacci levels are lying. During the week the commodity manages to hit a low of 181 and close the week around the levels of 185.

Support for the commodity lies in the zone of 178 to 180 where Fibonacci levels and break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 165 to 168 where the commodity has formed a double bottom in the month of August-2018 and September-2018.

Resistance for the commodity lies in the zone of 188 to 190 where Fibonacci levels and short & medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 193 to 95 where Fibonacci levels and long term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 170 – 175 on downside & 195 – 200 on upside.