EquityPandit’s Outlook for Lead for the week  (Jan 29, 2018 – Feb 02, 2018) :

LEAD:

LEAD closed the week on negative note losing around 0.70%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 169 and close the week around the levels of 164.

Minor support for the commodity lies in the zone of 160 to 162. Support for the commodity lies in the zone of 156 to 158 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 152 to 154 where Fibonacci levels 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 155 – 158 on downside & 172 – 175 on upside.