EquityPandit’s Outlook for Zinc for the week  (July 16, 2018 – July 20, 2018) :

ZINC:

ZINC closed the week on a negative note losing around 6.70%.

As we have mentioned last week, that support for the commodity lies in the zone of 185 to 190 where the commodity has hit a low in the month of September-2017. If the commodity manages to close below these levels then the commodity can drift to the levels of 170 to 175 where Fibonacci levels are lying. During the week the commodity manages to hit a low of 174 and close the week around the levels of 178.

Support for the commodity lies in the zone of 165 to 170 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 175 to 180 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.

Broad range for the commodity in the coming week can be seen between 160 – 165 on downside & 190 – 195 on upside.