Zinc had witnessed a five wave decline from Rs109.5 to Rs103.5. After that it retraced 78.6% of the fall. At that point we were expecting a sharp sell-off in the metal but it took support around the previous low of Rs103.5. Since then it has been consolidating in a narrow range around the 20 and 40-daily moving averages (DMA). Our sense is that it may form a triangle in the process, which should break-out on the downside. The previous swing low of Rs103.5 on the downside should act as a crucial support for the metal on the downside. The daily upper Bollinger Band level of Rs106.6 should act as a crucial resistance.