Mcx lead future this week closed at 152.7 with gain. This was first weekly gain for lead prices after last week’s correction towards support zones. This week we saw mcx lead hit low at 146.9 while high was at near 153.6. Total 7 rupee range and strong closing on fresh buying and well as short covering.
On weekly chart, mcx lead future price trend is bullish but momentum is now bullish. Mcx lead is now trading above 5 weeks average of 149.7 below that 146.5 is 20 weeks average level and at last 142.5 is 50 weeks average and last support zone for this long term trend. Mcx lead weekly chart, RSI is 58 level with bullish divergence and MACD is at 1.7 with bullish divergence and buy signal given around 143 rupee levels.
For month of September, mcx lead prices opened below major resistance of 153.6 but heading higher. If cross 153.6 then that will be trend breakout for upside positional swing targets of 160 and 168 rupees. If fails to cross 153.6 then that will result in sell off and lead might fall towards 145.7 and 139 rupee levels.
Mcx lead future daily chart price trend and patterns are strong bullish and now trading above all short term averages. 151.5 is 5 days average level support below that 150.5 is 20 days average level and next support and 148 is 50 days average and last support of this uptrend. Lead daily chart RSI is at 55 with bullish divergence. While MACD is above zero with bottomed out signal and fresh long rally signals.
From long term view, mcx lead had taken support at 140 rupee and above it remains buy and accumulate for long term target of 173 rupee above it. We saw high of 161.5 rupee in last month.
In last 7 months, mcx lead prices given 3 negative closings while 4 are with gains which on monthly chart. Lead prices made bottom at 135 rupee and now heading higher towards my 2017 investment targets of 173 and 209 rupees. In month of august we saw low of 147 while high was at 161.5 so total 15 rupee range was seen in last month with positive closing.