EquityPandit’s Outlook for Zinc for the week  (July 31, 2017 – Aug 04, 2017) :

ZINC:

ZINC (178) closed the week on a positive note gaining around 0.30%.

As we have mentioned last week, that support for the commodity lies in the zone of 175 to 176 where 200 Daily moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 170 to 172 where short & medium term moving averages and break out levels for the commodity is lying. During the week the commodity manages to hit a low of 177 and close the week around the levels of 178.

Support for the commodity lies in the zone of 175 to 176 where 200 Daily moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 170 to 172 where short & medium term moving averages and break out levels for the commodity is lying.

Resistance for the commodity lies in the zone of 179 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 185 to 187 where the commodity has formed a short term top and declining trend-line resistance are lying.

Broad range for the commodity in the coming week can be seen between 170 – 172 on downside & 188 – 190 on upside.