MCX LEAD AUG EXPIRY TECHNICAL CALL UPDATE
Mcx lead future in last trading session closed at 151.6 with gains. Now trading at 152.5 with gain and hit intraday high at 153.9 rupees and hit our given target of 153.7 rupees. In last 6 trading session mcx lead prices rallied from 147 low to high over 153.9+. Almost 7 rupee rally in 6 days means almost 5% price appreciation for investors and 35,000 rupee per lot profit for traders.
Mcx lead future achieved my given august expiry recovery target of 153.7 in 6 trading session and now trading at 152.5 with gain. We saw bullish opening for month of august above 147, then tested support of 147 rupee and since then trending higher and hit our first bullish swing target of 153.7 rupee. Next target zone will be 158.2 rupee if sustain above 153.7 rupees.
Mcx lead future on daily chart price trend and momentum are bullish and seeing buying on every major dips. Lead chart, RSI is at 57 and heading for 75-80 levels zone. MACD is with buy signal given at 147 rupee and trending higher with bullish crossovers and divergences.
Mcx lead future on weekly chart, given fresh breakout above 140 rupee resistance and entered into long term bullish trend. Mcx lad future opened strong in 2017 and recorded high of 165 rupee. But then after profit booking made pressure on prices and lead prices recorded low of 131 rupee in May-June 2017. Now reversal rally broke out above 140 rupee and heading for 160 and 173 rupee target zones. Lead weekly chart RSI is at 65 with bullish divergence while MACD is wit buy signal given at 143 levels with bullish crossovers and divergence.