Lead daily chart technical analysis
MCX lead future on last trading session closed at 127.75 with loss. On daily chart, lead future trend and momentum both down. Prices are trading below short term averages with bearish divergences on indicators.
For next week, lead future support zones are at 126 and 123.5 while on upside strong resistances at 130 and 132.5. 132.5 is lead future 3-month average and strong resistance. Traders below 132.5 keep sell on rise view for lead future and expect targets of 126 and 123.5 in this week.
Lead weekly chart technical analysis
MCX lead future this week tumbled by almost 3% and closed below its 52 weeks average level. On chart, 129 is lead 12 month average level while 132.5 is 6-month average zone. Both will be strong resistance on chart with medium to long-term view. On downside 123 is 24-month average and strong support zone.
Weekly chart indicators are with bearish divergence and with fresh sell signals suggesting downside for lead future in upcoming weeks.
Positional traders below 133 keep sell on rise view and keep targets at 123 and below in medium to long terms.