EquityPandit’s Outlook for Lead for the week  (May 08, 2017 – May 12, 2017) :

LEAD:

LEAD (140.45) closed the week on negative note losing around 4.00%.

As we have mentioned last week that resistance for the commodity lies in the zone of 147 to 149 from where the commodity broke down after consolidation and Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 153 to 155 where Fibonacci level is lying. During the week the commodity manages to hit a high of 147 and close the week around the levels of 140.

The commodity has closed below the support zone of 142 to 143 where Fibonacci levels and 200 Daily moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 136 to 138 where the commodity has formed a short term bottom. If the commodity manages to close below these levels then the commodity can witness a freefall.

Minor resistance for the commodity lies around 143 to 144. Resistance for the commodity lies in the zone of 147 to 149 from where the commodity broke down after consolidation and Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 153 to 155 where Fibonacci level is lying.

Broad range for the commodity in the coming week can be seen between 133 – 135 on downside & 148 – 150 on upside.