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Lead Intraday View 26.05.2014

Lead on MCX settled at 124.10 up by 0.80 rupees. Metal is forming a good base near 122-121 zones and bullish divergence on stochastic may prevent fresh bears to jump in and we may see good recovery. Today price objective for bears would be 123.40 and then at 122 any sustained move below 122 would bring more weakness and then we may see 121 and then 120 on cards. Resistance is now seen near 125 any sustained move above 125 would bring more charm and then 128 and more upside is likely.

Lead trading range for the day is expected among the key support at 122 and resistance at 125.

Recommendation:

·         Buying lead on declines around 124-123 with stop loss below 122 for targeting 125-126 and more upside.

·         Selling below 122 with stop loss above 123 for targeting 121-120 and more down side.

·         In alternative scenario buying above 125 with stop loss below 124 for targeting 126 and more upside.

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