EquityPandit’s Outlook for Zinc for the week  (Dec 24, 2018 – Dec 28, 2018) :

ZINC:

ZINC closed the week on a negative note losing around 3.30%.

As we have mentioned last week, that minor support for the commodity lies in the zone of 185 to 187. Resistance for the commodity lies in the zone of 190 to 192 where Fibonacci levels and long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 196 to 198 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 186 and close the week around the levels of 177.

Support for the commodity lies in the zone of 172 to 175 where the commodity has formed a low in the month of November-2018. If the commodity manages to close below these levels then the commodity can drift to the levels of 164 to 166 where the commodity has formed a double bottom in the month of August-2018 and September-2018.

Minor support for the commodity lies in the zone of 180 to 182. Resistance for the commodity lies in the zone of 188 to 190 where Fibonacci levels and long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 196 to 198 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 163 – 166 on downside & 185 – 188 on upside.