EquityPandit’s Outlook for Lead for the week  (June 11, 2018 – June 15, 2018) :

LEAD:

LEAD closed the week on positive note gaining around 1.10%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 165 to 168 from where the commodity has broken down and 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. During the week the commodity manages to hit a high of 172 and close the week around the levels of 167.

Support for the commodity lies in the zone of 158 to 161 where medium & long term moving averages 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.

Resistance for the commodity lies in the zone of 165 to 168 from where the commodity has broken down and 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 155 – 157 on downside & 175 – 177 on upside.