EquityPandit’s Outlook for Zinc for the week (March 20, 2017 – March 24, 2017) :

ZINC:

ZINC (188.40) closed the week on a positive note gaining around 4.70%.

As we have mentioned last week that 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. During the week the commodity manages to hit a low of 176 and close the week around the levels of 188.

Minor support for the commodity lies in the zone of 186 to 187. Support for the commodity lies in the zone of 183 to 184 from where the commodity broke out. 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.

Resistance for the commodity lies in the zone of 188 to 190. Resistance for the commodity lies in the zone of 194 to 196 where trend-line joining earlier highs is lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 200 to 202 where top formed in the month of November-2016 is lying.

Broad range for the commodity in the coming week can be seen between 180 – 182 on downside & 198 – 200 on upside.