EquityPandit’s Outlook for Zinc for the week  (Aug 14, 2017 – Aug 18, 2017) :

ZINC:

ZINC (185.45) closed the week on a positive note gaining around 3.50%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 179 to 180 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 185 to 187 where the commodity has formed a short term top and declining trend-line resistance are lying. During the week the commodity manages to hit a high of 190 and close the week around the levels of 185.

Minor support for the commodity lies in the zone of 182 to 183. Support for the commodity lies in the zone of 178 to 180 where Fibonacci level and 200 Daily moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 170 to 172 where short & medium term moving averages and break out levels for the commodity is lying.

Resistance for the commodity lies in the zone of 186 to 188 where declining trend-line resistance for the commodity is lying. If the commodity manages to close above these levels then the commodity can witness a major long term break-out and the commodity can move to the levels of 196 to 198.

Broad range for the commodity in the coming week can be seen between 175 – 177 on downside & 195 – 198 on upside.