Lead daily chart technical analysis
MCX lead future on last trading session closed at 129.6 with loss. On daily chart, lead future, price trend and momentum both are strong. Lead future now is showing signs of correction and ready to test short-term averages. From short term view, 128 is 3 month average level and first support zone on daily chart below it 127 is 3 month average and next support level. On upside 132 and 134.5 are strong resistances. Daily chart indicators pattern is corrective and suggesting downside for prices in next week.
Short-term traders above 127 keep buy on dips view for targets 130-133. If lead future gives closing below 127 then we may see lower levels up to 124.
Lead weekly chart technical analysis
MCX lead future this week closed with gain. This was forth gaining week for lead future after taking support at 2 years average level. In these four weeks, lead prices rallied from 122 to 132 rupees. This week lead future hit high at 132.25 while low was at 128. Total 4 rupee or 3% swing in prices and closed with gain. From medium to long-term view, 128 is first support level of 12-month average and 124 is next support zone of 2 years average level. On upside 133 and 136.5 are strong resistances and targets if trend persists. Weekly chart indicators patterns are bullish and suggesting upside for prices.
Investors above 124 keep buy on correction and accumulation strategy for target 133 and 136.5.