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

LEAD:

LEAD (136.30) closed the week on negative note losing around 3.00%.

As we have mentioned last week that minor resistance for the commodity lies around 143 to 144. 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. During the week the commodity manages to hit a high of 143 and close the week around the levels of 136.

Support for the commodity lies in the zone of 136 to 138 where the commodity has formed a short term bottom. If the commodity manages to close below these levels then the commodity can witness a freefall up to the levels of 130 to 131.

Resistance for the commodity lies in the zone of 139 to 140 where long term Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 142 to 144 where Fibonacci level and 200 Daily moving averages are lying.

Broad range for the commodity in the coming week can be seen between 130 – 131 on downside & 141 – 142 on upside.