Lead future technical analysis for 19 to 23 November 2018.
Lead future daily chart technical analysis
Lead future on Friday closed at 143.7 with huge gains. We saw low of 138 and then prices taken support around this level and bouncing back towards resistance of 146.5. Below 146.5, mcx lead future will remain weak and sell for lower targets of 136 and then possibly 130 rupees. But now bounce back move looks strong and heading for higher levels. On daily chart, mcx lead stochastics looking oversold with bottom formation so expect upside for prices and same can be visible on MACD indicator.
If lead gives breakout above 146.5 then expect rally up to 153 to 155 rupees levels.
Lead future weekly chart technical analysis
Mcx Lead future this week closed at 143.7 with gain. On weekly chat, lead future is in downtrend and trading below averages. This week we saw recovery from lows of 138 and prices inching towards averages resistance zones.
From long term view, mcx lead given bearish breakdown below 154 and on downside first bearish target was around 137.5 which is done by lead future and now taken support around those levels and bouncing back towards 154 rupee level. Below 137.5, next long term support as well as next bearish target will be around 115. That will happen if lead prices breaks below 137 and sustain below it.
Mcx lead future Weekly chart indicators and oscillators are still bearish and suggesting downside for prices in longer terms.
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