MCX LEAD future buy call from 147 to 161.5 high!!
MCX LEAD august expiry future is trading at 160.3 with gain. Today we saw LEAD intraday high around 161.5 and lead future hit my august expiry bullish targets of 153.7 and then 158.2 and now entered super bullish trend. After achieving 153.7 target given healthy correction which was best buying opportunity and yesterday strong short covering and buying rally of 6 to 7% hit 158.2 target and now trading above it with super bullish outlook. If sustain above 158 on closing basis then expect upside sharp short covering rally up to 164.5 and then 169+ rupee which are my lead futures august super bullish target zones.
MCX LEAD future on daily chart, is now in super bullish trend and momentum. Price are trading way above major short term average. On daily chart, LEAD future support zones are 158 and then 153.7. Daily chart RSI is at 72+ with bullish divergence but highly overbought so expect correction in medium to long terms and downside support testing. Daily chart MACD is above zero and with bullish crossovers and divergences. LEAD prices rallied with great momentum but when correction will came with same speed and momentum so long traders must stay cautious now and keep strict trailing stop loss in place to protect their profit in long positions. For august series, lead opened just above major support of 147 and then tested downside support of 147 and never looked back and hit my given targets of 153.7 and 158.2 and now watch for 164 and 169 if sustain here.
MCX LEAD future on weekly chart looking strong bullish and hit fresh weekly high of 161.5. In this week time frame LEAD prices rallied from low of 148.4 to high above 161.5 means almost 13 rupee or almost 9% gains or 45000 rupee per lots profit for long traders. LEAD future weekly chart price trend and momentum both are bullish. On weekly chart, MCX LEAD 5 week’s average is at 151.8 and that will be first target of deep correction. Below it 146.5 and 142.5 are next support zones as well as target levels on correction. On upside 165 and 173 are long term resistances as well as target zones if rally continues.
From long term view, LEAD prices opened strong for year 2017 then strong profit booking retraced prices towards support of 140 rupee and also given bull trap move below 140 with low of 131.65 rupee. Taken support at 140 and now moving towards my 2017 investment targets of 173 and then possibly might show higher level up to 209 rupees.