EquityPandit’s Outlook for Zinc for the week  (May 14, 2018 – May 18, 2018) :

ZINC:

ZINC closed the week on a positive note gaining around 1.40%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 210 to 215 where short, medium & long term moving averages and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 228 to 230 where the commodity has formed a top in the month of January-2018. During the week the commodity manages to hit a high of 210 and close the week around the levels of 208.

Support for the commodity lies in the zone of 200 to 205 where the commodity has taken multiple support in the month of October-2017 and December-2017. If the commodity manages to close below these levels then the commodity can drift to the levels of around 188 to 190 where Fibonacci levels and lows for the month of September-2017 is lying.

Resistance for the commodity lies in the zone of 210 to 215 where short, medium & long term moving averages and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 228 to 230 where the commodity has formed a top in the month of January-2018.

Broad range for the commodity in the coming week can be seen between 190 – 195 on downside & 225 – 230 on upside.