EquityPandit’s Outlook for Lead for the week  (Oct  22, 2018 – Oct 26, 2018) :

LEAD:

LEAD closed the week on negative note losing around 4.10%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 153 to 155 where Fibonacci levels and long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 158 to 160 from where the commodity has broken down in the month of July-2018 and Fibonacci levels are lying. During the week the commodity manages to hit a high of 156 and close the week around the levels of 146.

Support for the commodity lies in the zone of 142 to 145 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 137 to 139 where long term Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 148 to 150 where Fibonacci levels and medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 153 to 155 where Fibonacci levels and long term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 138 – 140 on downside & 152 – 155 on upside.