EquityPandit’s Outlook for Zinc for the week  (May 15, 2017 – May 19, 2017) :

ZINC:

ZINC (163.60) closed the week on a negative note losing around 1.90%.

As we have mentioned last week that 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. During the week the commodity manages to hit a high of 171 and close the week around the levels of 164.

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.

Minor resistance for the commodity lies in the zone of 166 to 167. 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 155 – 157 on downside & 175 – 177 on upside.