Investing Wisely

Lead touched medium term trend line

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Adjacent chart shows price movement of MCX Lead Metal continuous contract. Lead touched the medium term trend line resistance but could not close above it. It witnessed selling pressure in the medium term resistance line and has seen a correction thereafter. On the way down, an immediate support is at 165.55 below which it can drift lower towards 162.70. On the way up, 171.80 will be a crucial resistance in the near term. Lead can see a minor degree correction or consolidation as long as it is trading below 171.80. The daily momentum indicator is bearish

Lead

 

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