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MCX lead has given breakout seems bullish

As one can see from the adjacent chart, MCX lead has given breakout on a key moving average on the one-hour chart. Get-Commodity Channel Index turned positive with green coloured histograms and Oscillator (5-35) indicates a bullish grip. Expert Trend Locator (XTL) has turned positive as it has given a positive colour change, while closing above the moving averages’ band (6 high and 6 low) and at the same time John Trend Indicator (JTI) adds confirmation on it. The XTL has also crossed its 1.5 retrenchment levels. On any dips till Rs124.50-Rs125, one can buy or accumulate for an upside target of Rs127-Rs129. Trade below Rs122 will negate a bullish view.

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