MCX Lead is having a dream run. Apart from other base metals, Lead is showing good volatility on high volumes. The demand from battery manufacturers has been noted and decline in inventories withheld the rally towards podium.
Copper prices at MCX are witnessing a bullish rally towards 130 levels. The June contract is showing good acceleration on bearish fundamentals. It is now trading around 115-123 levels for the week.
The falling wedge pattern was broken at 110 levels due to 20 day SMA crossover at these levels. Thereafter the commodity witnessed sharp spike towards 123 levels.
The commodity should sustain its position around 120-125 levels or else it may decline below 118 levels. If it breaches 125 levels, it may rose to 128-130 levels. Commodity will face another resistance at these levels.
On the charts, Lead is showing positive picture. MACD is quite positive and P-ROC (Rate of Change) is bullish. RSI is at overbought levels.
Profit taking at higher levels may witness slight downtrend in the near term. The overall trend remains positive for MCX Lead.
MCX Lead June Short Term: Bullish
- Support: 120, 114
- Resistance: 128, 130
- Turn around levels: 118-120-128