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Lead technical view for intraday traders

Lead February contract inched 0.05 rupees up to settle at 130.70. Commodity is approaching near key support of 129. Today price objective for bears would be 130 any failure below this level would bring 129-128 and more down side. Resistance is now seen near 132.80 any sustained move above that level would bring more charm and then commodity may move towards 134.50 and more upside.

Trading range for the day is expected among the key support at 120 and resistance at 145.

Recommendation:

·          Today again selling lead on jumps around 131.30-131.60 with stop loss above 132.80 for targeting 130.10-129.30 and more down side.

·         In alternative scenario selling below 130 with stop loss above 131.20 for targeting 129.60-129 and more down side might be appropriate.

·  Buying above 132.80 with stop loss below 132 for targeting 133.60-134.50 might be appropriate. 

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