Mcx lead weekly-hit low at 132.5 swing tgt was 128.5

Mcx lead future weekly technical analysis report for 22 to 26 may 2017

Mcx lead future weekly technical analysis report for 22 to 26 may 2017

Mcx lead future this week closed at 135.8 with loss. This was third losing week for lead prices. Mcx lead future is in downtrend and hit my given bearish swing target of 136 rupees in last week and given swing low at 132.5 while next tgt was 128.5.   We saw recovery towards 144.5 resistance levels which was shorting opportunity with stop loss for targets 136 and then 128.5 out of which 136 rupee target is got achieved now below 136 expect next target at 128.5 rupee.   On short term chart, lead looks strong and might bottomed out. For next week, mcx lead support zone is 132 and on upside 136 and then 139.2 are resistances. Above 139.2 turn bullish for near term and might hit 144.2 target.   From long term view, mcx lead look weak and broke long term support of 140 rupee on weekly closing basis. Below 140, expect downside in 2017 up to 103 rupee.       keywords: lead price per kg , mcx lead trend, lead news in commodity

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Pramod Baviskar

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