EquityPandit’s Outlook for Lead for the week  (Aug 28, 2017 – Sep 01, 2017) :

LEAD:

LEAD (147.30) closed the week on negative note losing around 2.00%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 153 to 155 where 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 long term Fibonacci levels are lying. During the week the commodity manages to hit a high of 154 and close the week around the levels of 147.30

Support for the commodity lies in the zone of 146 to 148 where short term & 200 daily moving averages and Fibonacci levels 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.

Minor resistance for the commodity lies in the zone of 149 to 150. Resistance for the commodity lies in the zone of 153 to 155 where 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 long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 138 – 140 on downside & 155 – 157 on upside.