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Lead Technical Outlook for short term 18.07.2014

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.

Recommendation:

·         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.

·         Buying above 133 with stop loss below 132 for targeting 134-135 and more upside might be appropriate.

·         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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