EquityPandit’s Outlook for Lead for the week (February 20, 2017 – February 24, 2017) :

LEAD:

LEAD (151.15) closed the week with a negative note losing around 6.30%.

As we have mentioned last week that minor support for the commodity lies in the zone of around 158 to 159. Support for the commodity lies in the zone of 154 to 155 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 149 to 151 where short term moving averages and Fibonacci level is lying. During the week the commodity manages to hit a low of 150.65 and close the week around the levels of 151.15.

Support for the commodity lies in the zone of 148 to 150 where Fibonacci level and medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 142 to 144 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 154 to 155 from where the commodity broke down and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 159 to 161 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 142 – 144 on downside and 157 – 159 on upside.