Lead daily chart technical analysis
Lead future on last trading session closed at 131.3 with loss. On daily chart, lead price trend is down, but momentum indicators are giving mixed signals.
For next week, mcx lead resistance zones are 133 and 135.2 while on downside 130 and 126 are strong support zones. 133 is mcx lead 3-month average and below it expect selling pressure on prices.
For next week, keep same view and below 133 keep sell on rise trading strategy. On downside, 130 will be first target and then 126 will be next one.
Lead weekly chart technical analysis
Lead future this week closed with loss just below its 6-month average. On weekly chart, price trend is up but momentum is showing signs of fatigue, which may eventually trigger deep correction.
On upside 133 and 136.5 are strong resistance levels while on downside 128 and 123 are strong support zones. 128 is mcx lead 12 month average and 123 is 24-month average zone. Weekly chart indicators pattern are bearish so expect lower levels in upcoming weeks.
Swing traders with trailing stop loss just above 133 keep short positions here and expect targets 128 and then 123 in upcoming weeks.
