Lead weekly tips 14 to 18 April 2014
Lead daily chart technical analysis
Mcx lead future on last trading session closed at 125.75 with loss. On daily chart, lead future, price trend and momentum both are bearish. Lead is turn negative after touching its 3-month average which is bearish signal but still trading above 1 month and week average. From short-term view, lead future support zones are 125, which is 1-month average, and below it, 122.5, which are previous, swing low. On upside 128 is 3-month average and major resistance for short-term trend and then 133, which is previous swing high. Indicators are bullish and heading for breakouts.
Traders above 125 keep long view for lead and expect targets of 128 and above in next week.
Lead weekly chart technical analysis
Mcx lead future this week closed with gains of almost 2%. This week lead future hit high at 128.8 while low was at 123. Total 6 rupee or 5% swing in week and closed with gain after taking support of its 2 years average.
From medium to long-term view, lead future support zones are 123 and 118. 123 is now 2-year’s average level and 118 was previous swing bottom. On upside 128 is 12 month average and 130 is 6 month average level. Indicators are in bearish zone but recovering.
Investors above 123 keep long view for lead future and expect targets of 128-130 in upcoming weeks.