Lead LME: Reached 2046/47

Published 04/24/2013, 02:04 AM
Lead LME
Lead made it to our target of 2046/47 this week and traded lower to support at 1990/80 which did hold again as hoped. We have been hovering within this range for 4 days now and closing around the same price each day but bulls can only feel confident if we close above 2046 now. Resistance today at 2011 then 2031 and the 2046/47 level above which should be very tough to beat. We could try shorts with a stop above 2062 for 2088/98 but this area could mark the high for the week if tested.

There is a good chance that we are only taking a breath before the next break lower. The failure to beat 2046 this week is a concern so we must watch for a break below Oct lows of 1979 for continued losses to 1964 then 1944/42 and 1925 below.

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