Lion share of the commodities at MCX are trading with a bull rally with steep rise to higher levels. Short rallies at sell off didn’t impacted future prices. MCX lead was a roaring lion who rallied to higher levels. Experts fears on breaching resistance all the time...
MCX Lead prices have been trading within the upward-sloping trend channel since last month forming higher tops and higher bottoms. The price has recently broken the previous top and channel resistances at Rs 135 and gave a sharp rally thereafter.
The commodity breached psychological resistance of 140 and rallied to 145 levels. It may trade around 140-148 levels and we see resistance at 150 levels.
The 14-period RSI is currently pointing higher and holding well above the 50 marks indicates further bullish momentum. Traders are advised to remain at buying side.
Lead is following a bullish flag pattern, breaking these levels may witness steady decline to lower levels. It may witness strong support at 135 and 130 levels.
On charts, lead is showing bullish phenomenon. MACD is negative and P-ROC (Rate of Change) is at positive territory.
Profit selling at 150 levels may witness slight downtrend in the near term. The overall trend remains bullish for MCX lead.
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MCX Lead: The Roaring Lion
Published 08/27/2013, 07:42 AM
Updated 05/14/2017, 06:45 AM
MCX Lead: The Roaring Lion
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