MTECHTIPS MCX LEAD trading analysis 01-06-2015
Mcx lead future on last trading session closed at 124.9 with loss. on daily chart, lead price trend and momentum both are bullish. lead future closed below 1 month average but still trading above its 3 month average. daily chart indicators are forming bottomed out pattern suggesting upside for lead prices in next week. 123.6 is mcx lead 3 month average levels and 126.2 is 1 month average level and immediate resistance. mcx lead daily chart, macd is with rounding bottom suggesting recovery in prices. rsi is below 50 and flat. cci is at -51 and looks oversold. short term traders expect this reversal move to last up to 128. below 128 outlook still remain bearish. one can go long with stop loss below recent low for price target 128 in next week.