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Lead Technical Outlook for short term (23/06/2014)

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.

Recommendation:

·         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.

·         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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