EquityPandit’s Outlook for Zinc for the week  (Aug 21, 2017 – Aug 25, 2017) :

ZINC:

ZINC (200.80) closed the week on a positive note gaining around 8.30%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 202 and close the week around the levels of 201.

Minor support for the commodity lies in the zone of 195 to 197. Support for the commodity lies in the zone of 189 to 191 from where the commodity broke out after consolidation. If the commodity manages to close below these levels then the commodity can drift to the levels of around 185 to 187 from where the commodity broke out of July-2017 highs and declining trend-line support is lying.

Resistance for the commodity lies in the zone of 204 to 206 where trend-line joining highs of 208 and 204 are lying. If the commodity manages to close above these levels then the commodity will broke out of multiple years of consolidation and correction.

Broad range for the commodity in the coming week can be seen between 190 – 192 on downside & 208 – 210 on upside.