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MCX Lead: The Down Channel

ByCommodityOnline
Published 06/11/2013, 07:03 AM
Updated 05/14/2017, 06:45 AM

MCX Lead is headed downhill. Investors are still at the top of the mountain, hoping Lead will go beyond their expectations. I think the selloff at higher prices has impacted Lead.

Lead prices at MCX are now trading with a range bound track around 124-126 levels. The June contract has lost its on weak fundamentals. It is now trading around 124.5-126.8 levels for the week.

The bullish flag pattern was broken at 128 levels. Since then, the commodity is trying to form a neutral flag pattern with prices varying around 123-126 levels.

The commodity should sustain its position around 123-126 range or else it may decline to 120 levels. At these levels, the commodity may witness a steady rally towards 116 levels. Commodity will face another support at these levels.
MCX Lead
On charts, lead is showing negative phenomenon. The MACD is slightly weak, and the P-ROC (Rate of Change) is at negative territory. The RSI is in bullish territory.

Investors are advised to take short position for MCX Lead until 120 levels. At this level, short covering is expected. The overall trend remains bearish for MCX Lead.

MCX Lead June Medium Term: Bearish

Support: 123, 120, 116
Resistance: 128.8, 129.1, 130.0

Turn around levels: 120-123-126

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