EquityPandit’s Outlook for Lead for the week  (July 24, 2017 – July 28, 2017) :

LEAD:

LEAD (143.30) closed the week on negative note losing around 3.30%.

As we have mentioned last week that support for the commodity lies in the zone of 143 to 145 where medium & 200 Daily moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 139 to 140 where long term Fibonacci level is lying. During the week the commodity manages to hit a low of 140 and close the week around the levels of 143.

Support for the commodity lies in the zone of 142 to 143 where medium 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 139 to 140 where long term Fibonacci level is lying.

Resistance for the commodity lies in the zone of 146 to 148 where 200 daily moving averages and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 150 to 152 where the commodity has formed a short term top.

Broad range for the commodity in the coming week can be seen between 135 – 137 on downside & 150 – 152 on upside.