EquityPandit’s Outlook for Lead for the week  (Nov 13, 2017 – Nov 17, 2017) :

LEAD:

LEAD closed the week on positive note gaining around 2.90%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 159 to 161 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 166 to 168 where long term Fibonacci levels are lying. During the week the commodity manages to hit a high of 167 and close the week around the levels of 164.

Minor support for the commodity lies in the zone of 161 to 163. Support for the commodity lies in the zone of 156 to 158 where Fibonacci levels and short 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 152 where Fibonacci levels and long term moving averages are lying.

Resistance for the commodity lies in the zone of 166 to 168 where long term 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 October-2017.

Broad range for the commodity in the coming week can be seen between 155 – 157 on downside & 172 – 174 on upside.