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Lead Short Term Technical Outlook Back

Lead April contract inched 0.80 rupees up to settle at 129.60 this week. Lead closed well above 10 weeks SMA whereas 10 weeks SMA is already above 20 and 50 weeks SMA keeping short term uptrend in place. 20 weeks SMA has fallen below 50 weeks SMA but now moving upwards to climb above the same indicates that strong uptrend is in place in this commodity. MACD has fallen below signal line and line zero and now moving upward indicates weakening bearish momentum. Stochastic is now recovering from oversold territory with a bullish cross supporting short term bulls in this commodity. Immediate support is now placed at 128 any sustained move below this level may bring 125.50 on cards. Key support would be 125.40 any failure and closing below that level may bring more weakness in this counter and then we may see a decline towards 123. Resistance is now seen 132.25 any sustained move above that level would bring some charm and then we may see a good recovery in this commodity and then retest to 135-137 zones may take place.

Lead trading range for the week is expected among the key support at 119 and resistance at 138.

Recommendation:

This week, again buying lead around 125.50-124.50 with stop loss below 122 for targeting 128-131 and more upside might be appropriate.

In alternative scenario buying above 132.25 with stop loss below 130 for targeting 134-137 and more upside.

Another likely scenario selling on jumps around 136-137 with stop loss above 139 for targeting 133-130 and more down side might be appropriate.

Lead Short Term Technical Outlook
 
 
 
Posted on: 28-Apr-2014 | Posted by: NIFM | Comment('0')
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