lead intraday

MCX Lead trades weak
13 June 2008 10:32:20



MCX Lead June traded weak on Thursday following Lme movement and weakness in other metals. Lead prices dropped to low of 78.40 and closed near 78.85 with almost 3.5% loss. Market registered days high near 82.35

LME Inventory decreased by 300 MT to 74175 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 77.4 level. if broken can see further fall to 75.9 and 73.4 , If market holds above 79.9 further rally can be seen towards 81.3 and 83.8

Recommendations –MCX Lead June: Sell at 79.80 Target 77 and 75 SL 81.35

MCXARUN
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