EquityPandit’s Outlook for Lead for the week  (July 16, 2018 – July 20, 2018) :

LEAD:

LEAD closed the week on negative note losing around 6.50%.

As we have mentioned last week, that support for the commodity lies in the zone of 158 to 161 where medium & long term moving averages and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 150 to 153 where low for the month of April-2018 & May-2018 and Fibonacci levels are lying. During the week the commodity manages to hit a low of 146 and close the week around the levels of 151.

Support for the commodity lies in the zone of 145 to 150 where low for the month of April-2018 and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 135 to 140 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 155 to 160 where 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 February-2018 & May-2018.

Broad range for the commodity in the coming week can be seen between 135 – 140 on downside & 165 – 170 on upside.