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Lead Short term Outlook

Lead April contract inched 0.15 rupees down to settle at 130.85. Retest to 200 days SMA has happened in this metal. Its 200 days SMA stands near 131.80 and nice selling pressure seen in this metal after hitting an intraday high of 132.25 and metal settled well below 131.80 zones. Today price objective for bulls would be 132.25 any move above that level would bring more charm and then we may see 133-134 and more upside. Support is now seen near 130.35 and then at 129.10 any sustained move below 129.10 may trigger some bearishness and then retest to 127 and more down side may take place. Stability above 129 remains bullish for this commodity and we may see another retest to 132 zones in next few trading sessions.

Lead trading range for the day is expected among the key support at 130 and resistance at 133.


·         Selling lead on jumps around 132 with stop loss below 133.5 for targeting 130-128 and more downside.

·         Selling can be taken below 129 with stop loss above 129.80 for targeting 127.80-126.50 and more down side. 

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