EquityPandit’s Outlook for Lead for the week  (Oct  15, 2018 – Oct 19, 2018) :

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 150 to 152 where Fibonacci levels and long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 154 to 156 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 155 and close the week around the levels of 152.

Support for the commodity lies in the zone of 148 to 150 where Fibonacci levels and medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 138 to 140 where long term Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 153 to 155 where Fibonacci levels and long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 158 to 160 from where the commodity has broken down in the month of July-2018 and Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 142 – 145 on downside & 160 – 163 on upside.