EquityPandit’s Outlook for Lead for the week  (Feb 12, 2018 – Feb 16, 2018) :

LEAD:

LEAD closed the week on negative note losing around 4.80%.

As we have mentioned last week, that support for the commodity lies in the zone of 166 to 168 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 160 to 162 where Fibonacci levels and short & medium term moving averages are lying. During the week the commodity manages to hit a low of 160 and close the week around the levels of 164.

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 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.

Broad range for the commodity in the coming week can be seen between 153 – 155 on downside & 172 – 175 on upside.