Lead Trend analysis 26 to 30 May 2014
Lead daily chart technical analysis
Lead future on last trading session closed at 124.1 with gain. On daily chart, lead future is in downtrend but showing resilience to selling on lower levels. Lead is still trading below short term averages with recovery pattern. For next week, mcx lead future support zones are 123 and 120 rupees while on upside expect strong resistances at 125 and 127 rupees. Daily chart indicators pattern suggesting short-term bottom out signal for lead.
Therefore, traders for next week, buy on dips view with strict stop loss below 120 rupees and for target 125 and then 127 rupees in next week.
Lead weekly chart technical analysis
Lead future this week closed with loss. This was forth week of loss for lead future. In these, four-week lead future tumbled from 129 to 122. This week lead future hit high at 126 while low as at 122.35. Total 4-rupee range or 3% plus volatility in week and closed with loss. On weekly chart lead future closed above its 2 years average level. From medium to long-term view, Lead future has support at 122 and 117 rupees. While on upside resistances are 128 and 133. 128 is 12 and 6-month average zone will remain as strong supply zone on weekly chart. Weekly chart indicators are bearish.
For next week, investors keep wait and watch view for lead and if sustain above 122 then that will be best investing opportunity for target 128 to 133 rupees.