EquityPandit’s Outlook for Lead for the week  (May 01, 2017 – May 05, 2017) :

LEAD:

LEAD (146.35) closed the week on positive note gaining around 5.20%.

As we have mentioned last week that resistance for the commodity lies in the zone of 141 to 142 where Fibonacci level and 200 Daily moving average is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 147 to 149 from where the commodity broke down after consolidation and Fibonacci level is lying. During the week the commodity manage to hit a high of 147 and close the week around the levels of 146.

Support for the commodity lies in the zone of 142 to 143 where Fibonacci levels and 200 Daily moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 136 to 138 where the commodity has formed a short term bottom.

Resistance for the commodity lies in the zone of 147 to 149 from where the commodity broke down after consolidation and Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 153 to 155 where Fibonacci level is lying.

Broad range for the commodity in the coming week can be seen between 136 – 138 on downside and 155 – 157 on upside.