Lead October contract on MCX settled at 130.15 up by 2.30 rupees. Metal has settled well above immediate resistance of 129 and now approaching its 20 days SMA that stands near 130.50 zones. Stochastic is also exiting from oversold territory and MACD is also getting closer to signal line to form a bullish cross. Today price objective for bulls would be 130.70 any move above that level would help this commodity to jump towards 131.50 zones. Key resistance would remain at 131.50-131.70 zones and further stability above that level would bring 133 and more upside. Support is now seen near 127 failure of this level is very less likely but in case of failure below the same would trigger more weakness in this counter.
Lead trading range for the day is expected among the key support at 127 and resistance at 130.70.
Â· Today again buying lead October on declines around 129-128.70 with stop loss below 127.30 for targeting 131-133 and more upside might be appropriate in short term.
Â· In alternative scenario buying above 130.70 with stop loss below 129.90 for targeting 131.40-133 and more upside might be appropriate in short term.
Â· Selling can be taken below 127 with stop loss above 128 for targeting 126-125 and more down side might be appropriate.
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