EquityPandit’s Outlook for Zinc for the week  (June 05, 2017 – June 09, 2017) :

ZINC:

ZINC (162.90) closed the week on a positive note gaining around 0.30%.

As we have mentioned last week that resistance for the commodity lies in the zone of 171 to 173 where 200 Daily moving averages are lying. Resistance for the commodity lies in the zone of 175 to 177 from where the commodity broke down. If the commodity manages to close above these levels then the commodity can move to the levels of 179 to 181 where Fibonacci level is lying. During the week the commodity manages to hit a high of 171 and close the week around the levels of 163.

Support for the commodity lies in the zone of 162 to 163 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 158 to 160 where channel support for the commodity is lying.

Minor resistance for the commodity lies in the zone of 165 to 166. Resistance for the commodity lies in the zone of 168 to 170 from where the commodity broke down after consolidation. If the commodity manages to close above these levels then the commodity can move to the levels of 172 to 173 where 200 Daily moving averages are lying.

Broad range for the commodity in the coming week can be seen between 153 – 155 on downside & 170 – 172 on upside.