EquityPandit’s Outlook for Lead for the week  (Mar 05, 2018 – Mar 09, 2018) :

LEAD:

LEAD closed the week on negative note losing around 3.00%.

As we have mentioned last week, that support for the commodity lies in the zone of 160 to 162 where Fibonacci levels and short & medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 153 to 155 where the commodity has taken support in the month of October-2017 & November-2017 and long term moving averages are lying. During the week the commodity manages to hit a low of 159 and close the week around the levels of 161.

Support for the commodity lies in the zone of 160 to 162 where Fibonacci levels and lows for the month of February-2018 are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 153 to 155 where the commodity has taken support in the month of October-2017 & November-2017 and long term moving averages are lying.

Minor resistance for the commodity lies in the zone of 164 to 166. Resistance for the commodity lies in the zone of 170 to 172 where the commodity has formed a top in the month of October-2017 and February-2018. If the commodity manages to close above these levels then the commodity can move to the levels of 175 to 177 where the commodity has formed a top in the month of November-2016.

Broad range for the commodity in the coming week can be seen between 150 – 152 on downside & 170 – 172 on upside.