Mcx lead December expiry future, this week closed at 112.9 with gain. This was second gaining week for this base metal. In these 2 weeks, period prices zoomed from low of 102 to 112-113. This week mcx lead hit low around 107 while high was at 113. Total 6 rupees or 5% weekly gain and positive closing.
On the weekly chart, lead prices are trading above its 20 weeks average and heading towards 50 and 100 weeks averages. 116.5 is 50 weeks average and 123 is 100 weeks average level.
On the downside, 111.5 is 20 weeks average level and first support zone below it next support will be 107 which was previous swing low.
For fresh buyers, 107 and 111 are entry zone with stop loss for targets 116.5 and then 123.
Lead monthly chart showing 116-118 will be strong supply zone for the market.