Lead weekly outlook 2 to 6 June 2014
Lead daily chart technical analysis
MCX lead future on last trading session closed at 123.05 with gain. On daily chart, lead future price trend and momentum both are down. Lead is trading below major short term averages with bearish indicator patterns. For next week, lead future outlook is positive and traders above 121 use corrections to buy and accumulate with strict stop loss. on upside 125 is 1 month average and first resistance level and 128 rupee is 3 month average and next resistance level. On downside, 123 and 121 are strong support areas for lead future.
Lead weekly chart technical analysis
MCX lead future this week closed with loss at its 2 years average level. On weekly chart lead future price trend still bullish but momentum is bearish and investors must watch 123 levels on weekly closing basis for next few weeks. From medium to long-term view, lead future has support at 123-120, 114 rupees while on upside 128, and 133 rupees are strong resistances. This week, lead future hit high 125.7 while low was at 122.25. Total 3-rupee range and closed with loss. Investors keep wait and watch strategy for now.