mcx lead future monthly technical analysis report april 2016

mcx lead future monthly technical analysis report april 2016 Mcx lead future trading at 116.35. After last month sharp selloff and profit booking, price stabilizing and showing gains.     Mcx lead future daily chart price trend and momentum both are bullish. Lead has taken support around 110-112 zone and moving upward. This is strong reversal move and has target at 117 and 119. Downside 112 and 110 remain as support and stop loss for long positions. Weekly chart, price trend is bullish but momentum still bearish and price are at support of 112-114. On upside 126 and 129 are resistances. Below 112 expect deep downside on weekly closing basis. Monthly chart, showing some buying in April 2016. On downside 110 and 109 are strong support levels. On upside 119 and 123 are strong resistances.       For April 2016, my mcx lead view is, this reversal move has its target at 117.6. Above it expect uptrend and targets of 123 and 133. If mcx lead fails to cross 117.6 then downtrend will resume for targets 108 and 103.

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Pramod Baviskar

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