Lead weekly tips 12 to 16 May 2014
Lead daily chart technical analysis
Mcx lead future on last trading session closed at 124.5 with loss. On daily chart, lead price trend and momentum both are down. Lead is trading below all short-term averages with bearish divergences on indicators. From short term view, upside 127 and 128 are strong resistance levels. 127 is 1-month average and 128 is 3-month average level. On downside, 124 and 122 are strong support zones. Daily chart indicators are bearish and suggesting downside will continue ahead.
Traders here stay short and below 128 levels keep sell on rise view. on downside 124 and then 122 will be targets for next week.
Lead weekly chart technical analysis
Mcx lead future this week closed with loss of 1.2%. This was second week of loss for lead prices. In this week, lead future hit high at 127.5 while low was at 124. Total 3.5-rupee range or 2% swing and closed with loss. Lead is closed just above its 24-month average level but below 6 and 12-month average. On upside 128 and 133 are strong resistances for lead future. 128 is 6 and 12 month averages level. On downside, 123 and 118 are support levels. 123 is 2 years average level. Weekly chart indicators patterns are bearish suggesting downside for prices.
Investors here must follow wait and watch strategy. If gives closing below 123 and sustain then that will be short opportunity from medium to long-term view. On upside 128 and 133 remain as targets if hold major average.