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Lead Technical outlook for intraday traders

Lead February contract inched 2.20 rupees up to settle at 134.65. Lead settled well above 50 days SMA indicating some charm in this commodity. Today price objective for bulls would be 134.80 any move above that level would bring 136-137 on cards. Support is now seen near 131.70 any move below that level may bring some bearishness otherwise metal is likely to remain in bullish posture.

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

Recommendation:

·         Today buying lead on declines around 133.50-133 with stop loss below 131.70 for targeting 135-137 and more upside might be appropriate.

·         In alternative scenario high risk traders can look for buying above 134.80 with stop loss below 134.30 for targeting 1335.50-136.50.

·         Selling can be taken below 131.70 with stop loss above 133 for targeting 131-130 and more down side might be appropriate.

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