October 06, 2010 , LEAD Poised to breakout

Since the low of 72.55, MCX Lead is riding an upward channel. Recently Lead has taken support at the lower end of the channel. Near the lower end key short term moving averages viz 21 and 50 DEMA were there to provide additional support. In terms of price pattern the base metal has formed a triangle, which is there in the daily KST as well. Price as well as momentum is ready to break on the upside. Multiple supports in south won’t allow Lead to close below the 100 mark. Once the metal crosses the high of 103.75, it will be considered a fresh move on the upside, which from the medium term perspective will target the intermediate channel trendline ie 113
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