EquityPandit’s Outlook for Zinc for the week  (Oct 08, 2018 – Oct 12, 2018) :

ZINC:

ZINC closed the week on a positive note gaining around 5.90%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 195 to 198 from where the commodity broke down from December-2017 & May-2018 lows and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 203 to 206 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 200 and close the week around the levels of 198.

Support for the commodity lies in the zone of 190 to 193 where Fibonacci levels and long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 185 to 187 from where the commodity broke out of August-2018 & September-2018 high and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 198 to 200 from where the commodity broke down from May-2018 lows and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 204 to 206 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 180 – 185 on downside & 210 – 215 on upside.