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Lead technical outlook 05.06.2014Back

Lead on MCX settled at 124.50 down by 1.90 rupees. Lead failed to climb above key resistance of 127 and yesterday settled with bearish note. Today price objective for bears would be 124.30 any sustained move below that level would bring 123.50 on cards. Key support would be at 123 and any closing below that level would bring 122 and more down side. Resistance is now seen near 126.25 and then at 127.10 any closing above 127.10 would bring more charm and then we may see a retest to 129 and more upside.

Lead trading range for the day is expected among the key support at 124 and resistance at 127.

Recommendation:

Selling lead on jumps around 125.30-125.60 with stop loss above 127 for targeting 122.50-121 and more down side might be appropriate in short term.

Buying can be taken above 127.10 with stop loss below 125.60 for targeting 129 and more upside in short term.

In alternative scenario selling can be taken below 124.30 with stop loss above 125 for targeting 123.60-122.50 and more down side.

Lead technical outlook 05.06.2014
 
 
 
Posted on: 05-Jun-2014 | Posted by: NIFM | Comment('0')
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