lead intraday

MCX Lead drops on heavy stokc at LME
25 June 2008 09:42:42

MCX Lead dropped to a low of 79.75 on heavy increase in inventories at LME. Lead June closed at 77.85 with loss of 2.06%, Intra day high registered near 79.75

Lead inventories at LME, increased by 1100 MT to 96750 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 77.1 levels. If broken can see further fall to 76.3 and 74.9, If market holds above 78.4 further rally can be seen towards 79.2 and 80.6

Recommendations –MCX Lead June: Sell at 78.10-78.30 Target 77 and 76.40 SL 79.10

MCXARUN
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