EquityPandit’s Outlook for Zinc for the week  (May 02, 2017 – May 05, 2017) :

ZINC:

ZINC (169.45) closed the week on a positive note gaining around 1.70%.

As we have mentioned last week that resistance for the commodity lies in the zone of 169 to 170. 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 170 and close the week around the levels of 169.

Minor support for the commodity lies in the zone of 167 to 168. Support for the commodity lies in the zone of 163 to 165 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.

Resistance for the commodity lies in the zone of 169 to 170 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.

Broad range for the commodity in the coming week can be seen between 158 – 160 on downside & 177 – 179 on upside.