MCX Lead daily chart technical analysis
MCX lead on last trading session closed at 125 with gains. On daily chart, lead future price trend and momentum both are down. Lead is trading below short term averages with bottom out signals on indicators.
For next week, mcx lead future support zones are 124 and 121. Both these will also remain as targets zones if trend continues. On upside 128 is month average level while 132 is 3-month average. Both will be strong resistance and short-term traders below 132 keep sell on rise view for mcx lead. Indicators are in oversold zones so expect bounce back which can be used for short accumulation.
MCX Lead weekly chart technical analysis
MCX lead this week closed in red with almost 2.5% loss. This was forth losing week for lead prices and in these 4 weeks prices tumbled from high of 135 to low of 122. Total 13 rupees or 12% loss for lead prices over very short time and tested its 2 years average in this week. This week lead future hit high at 128 while low was at 122.55. Total 5.5-rupee price range or 4% volatility and closed with huge loss.
On weekly chart, 123 is 2-year average and first support on downside. Below that 119 is second support on chart. On upside, 128 is first resistance and above that, 132.5 will be next one. Investors here watch 123 level for weekly closing, if close below it then 115-110 are possible long-term targets for lead future.