EquityPandit’s Outlook for Zinc for the week  (Jan 07, 2019 – Jan 11, 2019) :

ZINC:

ZINC closed the week on a negative note losing around 1.30%.

As we have mentioned last week, that support for the commodity lies in the zone of 173 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. During the week the commodity manages to hit a low of 167 and close the week around the levels of 171.

Support for the commodity lies in the zone of 164 to 166 where the commodity has formed a double bottom in the month of August-2018 and September-2018. If the commodity manages to close below these levels then the commodity can drift to the levels of 158 to 160 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 173 to 175 from where the commodity broke down from November-2018 and December-2018 low. If the commodity manages to close above these levels then the commodity can move to the levels of 180 to 183 where Fibonacci levels and short term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 160 – 163 on downside & 180 – 183 on upside.