MTECHTIPS MCX LEAD WEEKLY trading analysis 28-05-2015
Mcx lead future on last trading session closed at 124.20 with loss. on daily chart, lead is exactly closed at its 3 month average with oversold indicators on chart. on upside 127 is 1 month average and will remain strong resistance. above it 132 and 138 are strong resistance zone. on downside below 123 expect short term downcycle for this commodity and might see panic selloff. mcx lead daily chart, rsi and cci are oversold so if recovery rally comes then it will be sharp spike.this week, lead future closed with loss. this was third losing week for this commodity. in these 3 weeks period lost 15 rupee from value or fallen 10% from the top. this week lead hit high around 127 while low was near 12. total 5 rupee or 4% plus move and closed in red. on weekly chart also this commodity future closed at major average with bearish signal from medium to long term view.for next week, mcx lead remain sell with trailing stop loss just above 128 for targets of 120 and then below it on strong sell off , next target will be 110-105 zone. 133 was best levels to go short from medium term view for price target 120.