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Technical Analysis
Lead Technical Outlook on chart
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17 January, 2014, 12:12 PM
Lead January contract inched 2.05 rupees down to settle at 133.70. Lead bullscouldn’t maintain prices above 20 days SMA and metal declined nicely after hitting an intraday high of 136.50. Today price objective for bulls would be 136.50 any sustained move above that level would bring more charm and then rally towards 138 and more upside may take place. Support is now seen near 133.20 any decline below this level would bring a retest to 132 zones. Key support would remain at 132.15 and more stability below this level would bring 131-130 and more down side.
Trading range for the day is expected among the key support at 120 and resistance at 145.
Recommendation
§ Today selling lead on jumps around 134.60-135 with stop loss above 136.50 for targeting 133-132 and more down side.
§ Buying can be taken above 136.50 with stop loss below 134 for targeting 138 and more.
§ In alternative scenario selling can be taken below 133 with stop loss above 134.70 for targeting 132.20-131.40 and more down side.
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