October 13, 2010, LEAD : Bulls fight back

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, the 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 daily KST as well. Price as well as momentum is ready to breakout on the upside. For the breakout to remain valid, Lead shouldn’t close below the swing low as well as 21 DEMA ie 101. From the medium term perspective, the target for the commodity is the intermediate channel trendline ie 113 and a conservative breakout target ie 115

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