Lead weekly outlook 7 to 11 April 2014
Lead daily chart technical analysis
MCX LEAD on last trading session closed at 123.35 with loss. On daily chart, lead future trend and momentum both are bearish. Prices are trading below major short term averages with bearish patterns on indicators.
For next week, lead future support zones are 122 and 118.5 which are previous swing lows while on upside 125 is first resistance and 1 month average level. Above it 128 is 3-month average and next resistance level.
On indicators and oscillators, RSI is 40 and off the low while CCI is -118 and with off the lows.
Traders above 122 keep long view and expect technical bounce back up to 125 to 128 in next week. Any daily closing below 122 will be fresh shoring opportunity for targets 118-115.
Lead weekly chart technical analysis
MCX LEAD this week closed flat positive and just above its 2 years average, which is bullish signal. Lead future weekly price trend is still bullish as still holding it 2 years average level but momentum clearly in hand of bears.
From medium to long-term view, 122 and 115 are support zones while on upside 128 and 130 are strong resistances. 128 is 12-month average and 130 is 6-month average level.
On indicators and oscillators, RSI is at 46 and with bearish divergence and CCI is +13 and heading towards zero with bearish divergence.
Investors closing watch next week closing, if positive above 122 then it will be best buying opportunity for targets 130-134 but if close below 122 then fresh shorting opportunity for target 115.