MCX Lead March is showing “Range Bound” for the week. Lead is now trading around 124.20-125.40 levels.
The neutral flag pattern from December continues as the commodity is moving around 123-130 levels. A steady decline is expected if prices break the flag.
On charts, Lead is witnessing bearish phenomenon. The commodity is trading well below the 20 day SMA at 128.45 levels. If commodity holds the flag pattern for the coming days, it may witness a sideways phenomenon.
The Stochastic level recovered from oversold territory and is moving to the medium levels. MACD is negative and RSI at 38.47is bearish. Rate of change oscillator (P-ROC) is yet to recover from the negative levels.
Momentum of the commodity is slightly weak; hence huge deflections may not occur in the near term. If it breaches 127 levels, bullish rally is expected. Base support is now seen at 122 levels.
S1: 123.5 S2: 123
R1: 125 R2: 126
Trend: Sideways
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Neutral Flag, May Breach 127 Levels
Published 02/28/2013, 06:26 AM
Updated 05/14/2017, 06:45 AM
Neutral Flag, May Breach 127 Levels
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