EquityPandit’s Outlook for Lead for the week  (Nov 20, 2017 – Nov 24, 2017) :

LEAD:

LEAD closed the week on negative note losing around 3.50%.

As we have mentioned last week, that minor support for the commodity lies in the zone of 161 to 163. Support for the commodity lies in the zone of 156 to 158 where Fibonacci levels and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 150 to 152 where Fibonacci levels and long term moving averages are lying. During the week the commodity manages to hit a low of 156 and close the week around the levels of 159.

Support for the commodity lies in the zone of 154 to 156 where Fibonacci levels and medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 148 to 150 where Fibonacci levels and long term moving averages are lying.

Minor resistance for the commodity lies in the zone of 160 to 161. Resistance for the commodity lies in the zone of 166 to 168 where long term Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 170 to 172 where the commodity has formed a top in the month of October-2017.

Broad range for the commodity in the coming week can be seen between 150 – 152 on downside & 168 – 170 on upside.