Mcx lead future on last trading session closed at 170.2 with huge gains. After strong opening around 163+ we saw some intraday retracement and then sharp short covering rally as well as momentum buying and lead future hit my October swing target of 170 rupee and now above it next target will be 178 rupee if sustain above 170 rupee support zone.
For month of October, on first day of trading we saw mcx lead prices rallied from 163.5 to 170.4, almost 7 rupee range and Bull Run continues for this base metal commodity.
Mcx lead future daily chart price trend and patterns are strong bullish and now trading above all short term averages. Taken support at 5 days average of 164 rupee and rallied away which reflects underlying buying momentum in the market. Below 164, next major averages support zones are 157.55 which is 20 days average and below it 152.8 which is 50 days average level. Daily chart RSI level is 77 with bullish divergence and overbought. While MACD is above zero with fresh rally signals.
Mcx lead future in near my 2017 investment target of 173 rupees. Rallied from low near 131 to now above 170 rupees in 4 months period.