Mcx lead future weekly technical analysis report for 12 June to 16 June 2017
Mcx lead future this week closed at 135.15 with flat loss.
After last week’s consolidation this week also we saw range bound moves in lead. This week mcx lead future hit high near 137 while low was near 132. My given bearish targets for mcx lead are 130 and then 124 and we saw low of 132 this week.
Mcx lead for next week, might recover towards 138.5 on short covering, but below 138.5, lead prices will remain bearish and will head lower towards my given targets of 130 and then 124. Mcx lead daily chart price and indicators patterns are bullish and suggesting recovery.
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.