lead intraday

MCX Lead netural to bearish
12 June 2008 10:52:24

MCX Lead June traded weak mostly following LME movement. LEAD June closed at 81.50, days high registered near 84.70 while low registered at 81.15.

LME inventory report supported the bearish move as stock were increased by 2100 MT to 74475 MT.

MCX Lead June -Technical outlook:
The daily stochastics have crossed over down which is a bearish indication. The prices closed below short term and medium term EMA, which supports bears. MACD is heading downwards in positive region, showing decrease in bullish momentum.

Technical are neutral to bearish signalling sideways to lower prices in the near term. Initial support for the market is around 80.2 level. If broken can see further fall to 78.9 and 76.7, If market holds above 82.5 further rally can be seen towards 83.8 and 86.0

Recommendations –MCX Lead June: Sell at 85 Target 83 and 81 SL 85.95


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