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Lead outlook for day traders as per chart

MCX Lead February contract closed at 162.25 changed by 0.95 rupees from yesterday closing price. On the daily chart this metal has formed a doji kind formation but we can’t be considered as reversal signal as this candle appeared following a strong bullish candle. For intraday lead traders should try to buy this counter around the supportive area which is at 161 but if this metal will sustained below this level will bring 159-158 on charts. In the upper side Resistance is now seen near 165.20 if sustained and move above this level will take this metal in the upper side area near 167-169.

Trading range for the day is expected among the key support at 161 and resistance at 165.20.

Recommendation:

As per the chart and market trend this metals is continue moving upside, don’t try to sell this counter. Trader can buy this counter on dip or above the resistance. The information shared with you for education purpose only.

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