Lead daily chart technical analysis
Mcx lead on last trading session closed at 122.85 with loss. On daily chart, lead future price trend and momentum both are bearish. For next week, lead future support zones are 121 and 118 while on upside 127 is lead future 1-month average and first resistance zone on daily chart. Above it 129.5 is 3-month average and next resistance level. Daily chart indicators pattern is bearish and still hovering in oversold zones.
123.5 is now trailing stop loss for short sellers. Traders below 127 keep short view and expect downside up to 121 and 118 in next week.
Lead weekly chart technical analysis
Mcx lead future this week tumbled by 2.27%. This week lead future hit high at 125.6 while low was at 121.3. Total 4-rupee range or 3.5% weekly swing and closed with loss at its 2 years average.
From medium to long-term view, 122 and 114 are strong supports on downside while on upside 128 is 12 month average and first major resistance. 130 will be next resistance, which is also its 6-month average level. Weekly chart indicators pattern are bearish and approaching bearish area.
Investors here keep wait and watch strategy. If gives weekly closing below 122 then expect deep downside targets of 114-110 but if hold above it then that will be best buying opportunity for targets 130-135.