16 May 2018

As we can see on the below mentioned daily chart Lead futures were holding the price between 150 to 157 mark for some time and the movement was restricted within the rectangle pattern as seen on the chart. The price has broken the crucial resistance of 157 to confirm the uptrend till 170 to 172. For short term it can again take support of 157 which was the resistance earlier but for long term point of view its showing uptrend according to RSI and others indicators till July 2018. Lead has risen almost 7% over last 1 week, as lead from raw materials side is probably the tightest commodity market out there. There has been a big clamp down on Chinese private sector mining. China is around 60% of primary lead supply.

We recommend to take a buy position around 157-158 with upside target of 172.

Share this post?