Lead future daily chart technical analysis
Lead future on Friday closed at 137.25 with gains. We saw low of 133 and then prices taken support around this level and bouncing back towards resistance of 139. Below 139, mcx lead future will remain weak and sell for lower targets of 131 and then possibly 125 rupees in December series. But daily chart indicators and oscillators are oversold and suggesting bottom formation. So If lead gives breakout above 139 then expect rally up to 145 to 152 rupees levels on account of sharp short covering.
Lead future weekly chart technical analysis
Mcx Lead future this week closed at 137.25 with gain. On weekly chat, lead future is in downtrend and trading below averages but indicators are oversold and suggesting bottom formation. This week we saw recovery from lows of 133 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. 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. Reversal from here will show 154 and above level again in longer terms.
Lead future monthly chart technical analysis
Mcx Lead future in month of November closed with loss. That was fifth losing month for lead prices. In November we saw 13 to 14 rupee and closing near opening with recovery from the lows. On chart 137.5 is crucial level to watch, below it expect long term downtrend continuation towards 115 next target.
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