Lead technical analysis 19 to 23 May 2014
Lead daily chart technical analysis
Mcx lead future on last trading session closed at 124.5 with loss. On daily chart, lead future is in downtrend and trading below short-term averages with bearish indicator patterns. For next week, mcx lead has resistances at 126 and 127.5. 126 is 1-month average and then 127.5 is 3-month average. On downside, 123 and 121 are support zones as well as target levels for next week if trend continues. Daily chart indicator patterns are bearish and suggesting downside for prices in next week.
Traders below 127.5 must keep bearish view and follow sell on rise view. 123 and then 121 are targets on downside in next week. 126 is trailing stop loss for those who already short on higher side.
Lead weekly chart technical analysis
Mcx lead future this week closed flat negative. This was third losing week for lead future and in these 3 weeks period tumbled from 130 to 124. This week lead future hit high at 128 while low was near 123. Total 5-rupee range and closed with loss. Lead future closed just above its 2 years average level with loss. On upside 128.5 and 133 are strong resistances and on downside 123 and 118 are strong support zones. 128.5 is 6 and 12 month average zone and 133 was previous swing high. 123 is 2 years average level and major long-term support and weekly closing below it means change of long-term trend and view. Weekly chart indicators patterns are bearish.
Investors must watch 123 level for next week if sustain above it then it will be best buying and investment opportunity. If closed below it then go short with stop loss for target 118.