EquityPandit’s Outlook for Lead for the week  (Feb 4, 2019 – Feb 8, 2019) :

LEAD:

LEAD closed the week on positive note gaining around 1.80%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 147 to 150 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 155 to 158 where Fibonacci levels and high for the month of October-2018 is lying. During the week the commodity manages to hit a high of 152 and close the week around the levels of 151.

Support for the commodity lies in the zone of 146 to 148 where Fibonacci levels and long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 142 to 144 from where the commodity broke out from the highs of December-2018 and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 153 to 155 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 158 to 160 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 140 – 143 on downside & 157 – 160 on upside.