EquityPandit’s Outlook for Lead for the week  (May 22, 2017 – May 26, 2017) :

LEAD:

LEAD (135.70) closed the week on negative note losing around 0.40%.

As we have mentioned last week that 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. During the week the commodity manages to hit a low of 132 and close the week around the levels of 136.

Minor support for the commodity lies in the zone of 134 to 135. Support for the commodity lies in the zone of 130 to 132 where long term Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 126 to 128.

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.