Lead Minor correction 09 March 2016

MCX lead formed a medium-term pull back in the last few months. In terms of wave structure, it formed a thre ewave pull back and halted near the upper end of the rising channel. It retraced 61.8% of the previous fall. At that level, the base metal formed an Ending Diagonal pattern and tumbled sharply. The fall formed a three wave structure and halted near a crucial support zone. From thereon lead has formed an impulse on the upside and is again forming a minor degree correction. On the downside, 20-day moving average (Rs.121.50) and 40-day exponential moving average (Rs.119.20) will be the key supports to watch out for. On the other hand, Rs.126.00-127.70 will be the key resistance zone.


Shubhlaxmi Commodity is a Free portal where you are provided all market such as Commodity stocks futures and Currency Like USD To INR and internatinol live market prices and live charts and Free support and resistance level

Post A Comment: