Lead forecast 9 to 13 June 2014
Lead daily chart technical analysis
Lead future on last trading session closed flat at 124 rupees. On daily chart, lead future price trend and momentum both are down. Lead prices are trading below short term averages with bearish indicator patterns. for next week, lead has supports around 121 and 118 rupees while on upside 125 rupees is 1 month average and strong resistance and 127 rupee is 3 month average and next strong resistance. Traders here above 121 keep long view for lead and expect short covering rally up to 125 and then 127.
Lead weekly chart technical analysis
Lead future this week closed with almost 1% gains. Lead look like taken support for its 2 years average level and ready for rally. This week lead has hit high at 127 while low was at 122.65. Total 5-rupee range or 4% volatility and closed with gain. From medium to long-term view, lead future has support at 123 and 120 rupees while on upside 127 and 133 are strong resistances. 127 is its 12 and 6-month averages levels and will remain as major resistance point. Weekly chart indicators pattern suggesting reversal rally ahead so investors above 123 rupee keep buy and accumulate view on lead for target 127 and above.