EquityPandit’s Outlook for Lead for the week  (Aug 20, 2018 – Aug 24, 2018) :

LEAD:

LEAD closed the week on negative note losing around 3.80%.

As we have mentioned last week, that minor resistance for the commodity lies around 149 to 151. Resistance for the commodity lies in the zone of 155 to 160 where 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 February-2018 & May-2018. During the week the commodity manages to hit a high of 149 and close the week around the levels of 140.

Support for the commodity lies in the zone of 138 to 140 where long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 130 to 132 where long term Fibonacci levels are lying.

Minor resistance for the commodity lies around 144 to 146. Resistance for the commodity lies in the zone of 149 to 151 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 154 to 156 where medium and long term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 130 – 133 on downside & 150 – 153 on upside.