MCX Lead daily chart analysis
MCX lead future last closing price was at 131.7 with gain. On daily chart, lead future trend is down but momentum is recovering because of value buying and short covering near lows.
On daily chart, mcx lead future support zones are 130 and 127 while on upside expect resistances at 133 and 136.5. Daily chart indicators are showing signs of reversal so expect bounce back and bullish breakout in upcoming time.
Traders use 127-130 zone for long accumulation with strict stop loss and on upside 135-136.5 will be target zones for next week.
MCX Lead weekly chart analysis
MCX lead future this week closed with flat gains. On weekly chart, mcx lead trend and momentum both are strong bullish and this week positive closing suggesting trend resuming.
On downside 128 is mcx lead 12 month average and first support zone on weekly chart and below that 122 is 2 years average level and next major support on chart. On upside 133 is 6 month average and first resistance level and then 138 is previous major top and next resistance zone. Mcx lead weekly chart indicators are still bearish.
Swing traders and investors above 128 keep long view and can expect 138 as target level. However, any weekly closing below 128 will result in sharp selling and downside targets up to 122-120.