EquityPandit’s Outlook for Lead for the week  (July 31, 2017 – Aug 04, 2017) :

LEAD:

LEAD (147.65) closed the week on positive note gaining around 3.00%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 146 to 148 where 200 daily moving averages and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 150 to 152 where the commodity has formed a short term top. During the week the commodity manages to hit a high of 150 and close the week around the levels of 148.

Support for the commodity lies in the zone of 145 to 146 where 200 daily moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 142 to 143 where medium term moving averages and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 149 to 150 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 152 to 154 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 140 – 142 on downside & 152 – 154 on upside.