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MCX Lead Near support zone (27 Sep 2016)

As can be seen from the adjacent chart, near the beginning of August, MCX lead found support near the daily lower Bollinger Band and the key WMAs. From there, the commodity has been rising nicely. Recently, it faced resistance near the daily upper Bollinger Band and retreated towards the key DMAs. But, a rising trendline is providing support to the base metal. In the last session, MCX lead formed an Engulfing Bull Candle near these support levels. Consequently, the commodity can start rising unless the low of Rs 126.50 breaks on a closing basis. The levels of Rs.132.80 & Rs.136 will be the key to watch on the upside from a short- to medium term perspective.

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