EquityPandit’s Outlook for Lead for the week  (Jan 28, 2019 – Feb 1, 2019) :

LEAD:

LEAD closed the week on positive note gaining around 5.20%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 143 to 145 where high for the month of November-2018 and December-2018 are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 147 to 150 where Fibonacci levels and long term moving averages are lying. During the week the commodity manages to hit a high of 150 and close the week around the levels of 149.

Support for the commodity lies in the zone of 143 to 145 from where the commodity broke out from the highs of November-2018 and December-2018. If the commodity manages to close below these levels then the commodity can drift to the levels of 138 to 140 where Fibonacci levels and short term moving averages are lying.

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.

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