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Lead Technical View for short term traders

Lead March contract inched 0.45 rupees down to settle at 131.35. Lead headed a new contract low but couldnot hold below significant support of 131 and closed above the same after hitting intraday low of 130.05. Metal closed with a dragon fly doji candlestick pattern which is considered as trend reversal. Today price objective for bulls would be 131.50 any move above that level would bring 132.30-133 and more upside. Support is now seen near 130. Any sustained move below 130 would bring some weakness and then we may see 129.40 on cards. Areas of 129 would remain key support and below that we will see extended bearish move towards 128 and more down side.

Lead trading range for the day is expected among the key support at 130 and resistance at 135.

Recommendation:

·         Today buying lead above 131.60 with stop loss below 130.80 for targeting 132.30-133 and more upside might be appropriate.

·         Selling below 130 with stop loss above 131.30 for targeting 129-128-126 might be appropriate in short term. 

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