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Lead technical outlook for short term trader

MCX Lead February contract on settled at 109.05 is down by 1.95 from the precious closing price. Now Lead is settled well below psychological support of 110 and signaling more weakness. Lead immediate support would be at 108.90 if sustain below n close below the 108. The next level for lead would be 106-104 zones. Resistance is now around 111.60 if sustained or closed above that level would bring some charm back and then we will see again a rally for the target of 112.50 zones. Key resistance would remain at 116.

MCX Lead FEB trading range for the day is 108 and resistance at 116.

Recommendation:

·         Lead Sell on jumps around 110-110.50 sl 111.70 target 109.50-108.50.

·         Lead sell below 108.90 sl above 109.40 trgt 108.20-107.30.

·         Lead Buy above 112 sl below 111 trgt 113-114. 

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