EquityPandit’s Outlook for Lead for the week  (May 21, 2018 – May 25, 2018) :

LEAD:

LEAD closed the week on absolutely flat note.

As we have mentioned last week, that resistance for the commodity lies in the zone of 158 to 160 where Fibonacci levels and medium & long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 166 to 168 from where the commodity has sold off. During the week the commodity manages to hit a high of 163 and close the week around the levels of 159.

Support for the commodity lies in the zone of 155 to 157 where short, 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 146 to 150 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 161 to 163 from where the commodity has broken down in the month of March-2018. 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.

Broad range for the commodity in the coming week can be seen between 147 – 150 on downside & 168 – 170 on upside.