MCX Lead daily chart technical analysis
Mcx lead future on last trading closed at 125.7 with gain. On daily chart, lead future trend and momentum both are down. Prices are trading below short term averages with oversold indicators on daily chart.
For next week, mcx lead support zones are 123 and 120 while on upside 127.5 is 1-month average and first resistance and 130 is 3-month average and second resistance. RSI is at 40 and off the lows and CCI is -147 and off the lows.
Traders here expect bounce back to continue up to 128-130 so with stop loss below 123 can hold long positions. Any daily closing below 123 means downside targets of 120-118.
MCX Lead weekly chart technical analysis
Mcx lead future this week closed with gain on some short covering. On chart look like lead future has taken support of its 2 years average and given reversal signal. This week lead future hit high at 131 while low was near 124. Total 7 rupees or 5% plus weekly swing and closed with gain.
From medium to long-term view, 2 years average of 123 is first support on downside and below it, 118 will be next support zone. On upside 128 is 12 month average and first resistance above it 131 is 6 month average and next resistance.
Weekly chart, RSI is at 48 and with bearish divergence. CCI is at 42 and recovering.
Investors above 123 keep long view and expect upside up to 128-131 in upcoming weeks. Any weekly closing below 123 will be long-term sell signal for mcx lead.