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Lead Strong Buy Reversal Candlestick on Daily chart 19.08.2014

Lead August contract on MCX settled at 134.20 up by 0.45 rupees. Lead traded with mixed bias and settled with a bullish harami cross candlestick pattern on daily chart. Today price objective for bulls would be 135 above that it will try moving towards 136-137 zones. Areas of 137 will remain crucial to watch to the upside. Support is now seen near 133.80 and then at 133.50 any sustained move below that level would bring some more weakness and then we will see 132.50 and more down side. Technical indicators like stochastic and MACD are still negatively biased.

Lead trading range for the day is expected among the key support at 133.8 and resistance at 138.

Recommendation:

Today again selling lead on jumps around 136-136.40 with stop loss above 138 for targeting 132.70-130.50 and more down side might be appropriate in short term.

In alternative scenario selling below 133.80 with stop loss above 134.50 for targeting 132.90-131.30 and more down side. 

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