EquityPandit’s Outlook for Zinc for the week  (Aug 27, 2018 – Aug 31, 2018) :

ZINC:

ZINC closed the week on a positive note gaining around 6.00%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 179 and close the week around the levels of 178.

Minor support for the commodity lies around 172 to 174. 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.

Resistance for the commodity lies in the zone of 180 to 182 where Fibonacci levels and short term moving averages 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 & 185 – 190 on upside.