Mcx lead future this week closed at 161.5 with huge gain. This was second weekly gain for lead prices and in these 2 weeks lead prices rallied from low of 143.1 to high of almost 163 rupee, total 20 rupee gains in short terms. This week we saw mcx lead hit low at 150.9 while high was at near 163. Total 12 rupee range and strong 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 now trading above 5 weeks average of 153 below that 148 is 20 weeks average level and at last 143.5 is 50 weeks average and last support zone for this long term trend. Mcx lead weekly chart, RSI is 62 level with bullish divergence and MACD is at 2.5 with bullish divergence and continues with buy signal given around 143 rupee levels.
For month of September, mcx lead prices opened below major resistance of 153.6 and then we saw sell off up to 143 rupee low and achieved bearish target of 145 rupee then taken support a143 rupee and reversal rally given trend breakout above 153.6, and hit swing target 160 rupee this week. Now above 160 rupee, lead prices will head for next swing target of 168 rupees.
From long term view, mcx lead had taken support at 140 rupee and above it remains buy and accumulate for long term target of 173 rupee above it. We saw high of 161.5 rupee in last month.
In last 7 months, mcx lead prices given 3 negative closings while 4 are with gains which on monthly chart. Lead prices made bottom at 135 rupee and now heading higher towards my 2017 investment targets of 173 and 209 rupees. For month of September, mcx lead recorded low at 143 while high was at 163 and trading near high with strong bullish candle on monthly chart.