EquityPandit’s Outlook for Zinc for the week (March 13, 2017 – March 17, 2017) :

ZINC:

ZINC (180.00) closed the week with a negative note losing around 3.20%.

As we have mentioned last week that 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 176.55 and close the week around the levels of 180.

Support for the commodity lies in the zone of 179 to 181 from where the commodity broke out after consolidation and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 173 to 175 from where the commodity broke out after consolidation.

Minor resistance for the commodity lies in the zone of 181 to 182. Resistance for the commodity lies in the zone of 185 to 186 from where the commodity broke down from the double bottom pattern. If the commodity manages to close above these levels then the commodity can move to the levels of 188 to 190.

Broad range for the commodity in the coming week can be seen between 170 – 172 on downside and 190 – 192 on upside.