Lead July contract on MCX settled at 131.70 up by 0.95 rupees. Lead is getting good support near 20 days SMA and has witnessed a nice jump from the same. Today price objective for bulls would be 133 above that it will try heading towards 135-137 in short terms. Support is now seen near 130.30 any failure and stability below that level would bring more weakness and then we may see 129-128 in coming days.
Lead trading range for the day is expected among the key support at 130 and resistance at 133.
Â· Today selling lead on jumps around 131.40-131.70 with stop loss above 133.10 for targeting 129-127 and more down side might be appropriate in short term.
Â· Buying above 133 with stop loss below 132 for targeting 134-135 and more upside might be appropriate.
Â· In alternative scenario selling below 130.30 with stop loss above 131.20 for targeting 129.80-128.60 and more down side might be appropriate.
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