EquityPandit’s Outlook for Lead for the week  (Dec 18, 2017 – Dec 22, 2017) :

LEAD:

LEAD closed the week on positive note gaining around 2.30%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 160 to 162. 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. During the week the commodity manages to hit a high of 163 and close the week around the levels of 162.

Minor support for the commodity lies in the zone of 159 to 160. Support for the commodity lies in the zone of 154 to 156 where Fibonacci levels 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.

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 154 – 156 on downside & 170 – 172 on upside.