Lead on MCX settled at 127.20 down by 0.20 rupees. Lead has headed a high of 128.35 but could not hold the gains above May 2014 highs and settled with a spinning top candlestick pattern. Today price objective for bulls would be 128.35 above that rally towards 129.30-130 zones is likely. Stability below 128.35 remains bearish for this counter and a retest to 126 may take place.
Lead trading range for the day is expected among the key support at 126.2 and resistance at 128.4.
Â· Today again buying lead on declines around 126.60-126.30 with stop loss below 125.20 for targeting 129-130 and more upside might be appropriate.
Â· Buying above 128.40 with stop loss below 127.60 for targeting 129.30-130 and more upside might be appropriate.
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