EquityPandit’s Outlook for Lead for the week  (Feb 18, 2019 – Feb 22, 2019) :

LEAD:

LEAD closed the week on negative note losing around 0.60%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 142 and close the week around the levels of 147.

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 138 – 140 on downside & 153 – 155 on upside.