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Lead Doji Candlestick formation on EOD 23.07.2014

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Posted by : Nifm
23 July, 2014, 1:49 PM
Lead Doji Candlestick formation on EOD 23.07.2014
Lead July contract on MCX settled at 132.80 up by 0.10 rupees. Lead has moved above key resistance of 133 and headed a high of 133.85. Lead couldn’t hold above 133 zones and settled well below that level. Daily EOD chart shows doji candlestick formation along with contracting MACD hints weakening bullish momentum. Today eyes will remain at 133.90 above that it will try heading towards 135-137 zones. Support is now seen near 131.90 any failure of this level may bring retest to 131-130.50 zones. Key support would remain at 130. Lead Trading range for the day is expected among the key support at 131.8 and resistance at 133.2. Recommendation:   Today again buying lead above 133.10 with stop loss below 132 for targeting 134-135 and more upside might be appropriate. Selling below 131.80 with stop loss above 132.70 for targeting 131.10-130.60 and more down side might be appropriate. 

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