Adjacent chart shows price movement of MCX Lead continuous contract. It was consolidating in a narrow range of 132 – 137 since past few weeks. However, in Wednesday’s trading session, MCX Lead broke the range on the upside. On the way up, an immediate resistance is at 143, above which it is likely to head higher towards 147 in the coming trading session. On the way down, 137.50 – 135.50 will act as a support. Dips towards support level shall be seen as buying opportunity as long as it is trading above the 20DMA which is currently pegged at 135. The momentum indicator is in positive mode.
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