Mcx lead future this week closed at 165.7 with gain. This was forth weekly gain for lead prices and in these 4 weeks led prices rallied from low of 143.1 to high of almost 171.1 rupee, total 28 rupee gains in short terms. This week we saw mcx lead hit low at 163.4 while high was at near 171.1. Total 8 rupee range and positive closing on fresh buying and well as sharp short covering.
On weekly chart, mcx lead future price trend and momentum both are strong bullish. Mcx lead is trading way above 5 weeks average of 159.5 below that 151 is 20 weeks average level and at last 145 is 50 weeks average and last support zone for this long term trend. Mcx lead weekly chart, RSI is 65 level with bullish divergence and MACD is at 4.2 with bullish divergence and continues with buy signal given around 143 rupee levels.
For month of October, mcx lead prices opened strong way above support of 157 rupee and on upside my given bullish targets were 170 and then 178+. We saw high of 171.1 and mcx lead hit given target of 170 rupee and now correcting and consolidating before next major move. If resumes uptrend then expect 178 till this expiry.