Shubhlaxmi Commodity
Investing Wisely

Lead Keep an eye

Adjacent chart shows price movement of MCX Lead continuous contract. Lead has completed “five wave” rise. Post the “five wave rise”, Lead has witnessed a sharp fall. It is trading in a rising channel and has found resistance at the upper end of the channel. In the near term, minor degree correction is likely, wherein Lead can drift lower towards 160.25 – 158.50 as long as it is trading below the swing high of 171.10. A break above 171.10 will lead to an extension in “fifth wave” which can take it higher to 175 – 178.50 levels. The momentum indicator is in positive mode.