Lead Trade lower end of the channel
Adjacent chart shows the price movement of MCX Lead continuous contract. In the short term, lead is trading in a rising channel. Lead is drifting lower since past few trading sessions and is approaching the lower end of the channel. On the way down, 151.60 – 150.20 shall act as crucial support levels in the near term. If it breaches below 150.20 then the short term uptrend may reverse. However, if it manages to hold above 150.20 then it can rise higher towards 156.50 – 159 in the forthcoming trading sessions. Traders must keep a close watch as it is approaching its crucial support levels. The daily momentum indicator is bearish.