Lead Technical Outlook according to Moving Average
What is Moving Average?
Moving average is a lagging indicator. They smooth a data series and make it easier to spot trends, something that is especially helpful in volatile markets. By using this indicator traders can identify the trend and confirmation of the trend, support and resistance area and can generate the buy and sell call.
MCX Lead September contract closed at 113.20 changed by 1.70 rs. Last week Lead has witnessed a nice recovery from 20 days EMA and settled with positive note. In technical chart today Lead have support around 112.70 if sustained below this level the target will be 112-111 areas. IN the upper side Resistance will be near 115.70-116. If any sustained above this level will offer a retest to 117 and 118 levels.
Lead trading range for the day with the support of 112.7 and resistance at 116.3.
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