Lead Outlook Recommendation:
sell lead below 114.70 with stop loss above 115.50 for target of 114.10-113.20 for the day. Buying lead on decline around 113.50-111.50 with stop loss for 109.50 (closing basis) for targeting 118-124-144. as a positional trade.
Metal is testing key support of 114 and settled below 50 days EMA, which stands at 115.70 and 10 weeks EMA placed at 115.40 that makes 116 zones a crucial level and stability below these levels would remain supportive for short term lead bears. While breach of 114 is needed to confirm more decline. RSI falling below 50 warns a weakness in this metal and fall may extend towards if metal manage to settle below 115 for 2 consecutive days. Stochastic hovering under oversold territory and hints a bearish momentum.
sell lead below 114.70 with stop loss above 115.50 for target of 114.10-113.20 for the day. Buying lead on decline around 113.50-111.50 with stop loss for 109.50 (closing basis) for targeting 118-124-144. as a positional trade.
Metal is testing key support of 114 and settled below 50 days EMA, which stands at 115.70 and 10 weeks EMA placed at 115.40 that makes 116 zones a crucial level and stability below these levels would remain supportive for short term lead bears. While breach of 114 is needed to confirm more decline. RSI falling below 50 warns a weakness in this metal and fall may extend towards if metal manage to settle below 115 for 2 consecutive days. Stochastic hovering under oversold territory and hints a bearish momentum.
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