EquityPandit’s Outlook for Zinc for the week (February 20, 2017 – February 24, 2017) :

ZINC:

ZINC (188.05) closed the week with a negative note losing around 4.25%.

As we have mentioned last week that minor support for the commodity lies in the zone of around 192 to 194. Support for the commodity lies in the zone of 184 to 186 where the commodity has taken multiple support and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 179 to 181 from where the commodity broke out after consolidation and Fibonacci levels are lying. During the week the commodity manages to hit a low of 186.45 and close the week around the levels of 188.05.

Support for the commodity lies in the zone of 184 to 186 where the commodity has taken multiple support and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 179 to 181 from where the commodity broke out after consolidation and Fibonacci levels are lying.

Minor resistance for the commodity lies in the zone of 191 to 193. Resistance for the commodity lies in the zone of 198 to 200. Resistance for the commodity lies in the zone of 204 to 206 where 52 week highs for the commodity is lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 210.

Broad range for the commodity in the coming week can be seen between 179 – 181 on downside and 194 – 196 on upside.