MCX Lead traded on positive bias, the commodity is yet to witness to selling sentiments. Lead was slumping around 120-125, but recovered and rallied to 143 levels.
The 20 day SMA crossover at 123 levels remained as a cautious point and breaking these levels witnessed steady rally to higher levels.
Lead is following a bullish flag pattern, breaking these levels may witness steady decline to 135-130 levels. Traders are advised to stay on selling side for short term.
The commodity should remain around 135-140 levels or else it may decline to 128 levels. It may witness strong support at 138 and 132 levels.
On charts, lead is showing bullish phenomenon. MACD is positive and P-ROC (Rate of Change) is at bullish territory. RSI is strong.
Resistance is observed at145 levels and 149 levels. The commodity may witness pressure at these levels.
Profit selling at 145 levels may witness slight downtrend in the near term. The overall trend remains bearish for MCX Lead.