EquityPandit’s Outlook for Lead for the week  (Feb 19, 2018 – Feb 23, 2018) :

LEAD:

LEAD closed the week on positive note gaining around 2.70%.

As we have mentioned last week, that 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 170 and close the week around the levels of 168.

Minor support for the commodity lies in the zone of 164 to 166. Support for the commodity lies in the zone of 160 to 162 where Fibonacci levels and short & medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 153 to 155 where the commodity has taken support in the month of October-2017 & November-2017 and long term moving averages are lying.

Resistance for the commodity lies in the zone of 170 to 172 where the commodity has formed a top in the month of October-2017. If the commodity manages to close above these levels then the commodity can move to the levels of 175 to 177 where the commodity has formed a top in the month of November-2016.

Broad range for the commodity in the coming week can be seen between 155 – 157 on downside & 175 – 180 on upside.