EquityPandit’s Outlook for Lead for the week  (April 24, 2017 – April 28, 2017) :

LEAD:

LEAD (139.10) closed the week on negative note losing around 3.90%.

As we have mentioned last week that support for the commodity lies in the zone of 142 to 144 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 140 to 141 where 200 Daily MA is lying. During the week the commodity manages to hit a low of 136 and close the week around the levels of 139.

Minor support for the commodity lies in the zone of 136 to 137. Support for the commodity lies in the zone of 133 to 134 where the commodity has taken support in the month of December-2016. If the commodity manages to close below these levels then the commodity can drift to the levels of around 130 to 131 where long term Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 141 to 142 where Fibonacci level and 200 Daily moving average is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 147 to 149 from where the commodity broke down after consolidation and Fibonacci level is lying.

Broad range for the commodity in the coming week can be seen between 133 – 135 on downside and 146 – 148 on upside.