MCX Lead Short Term Bullish

We maintain our bullish view in MCX Lead as prices are trading in a lower top and lower bottom formation but recently it has taken support from Support line S- 108, and prices traded higher towards upper resistance line R. Secondly prices have given fresh breakout by breaching Resistance Line –R at Rs.114. We expect lead prices to trade higher and hence we recommend to go long on decline with stop loss below Rs. 112.30 eyeing target at Rs. 119.40.

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