Ahmedabad (Commodity Online) : MCX Lead made a high of Rs. 106.7 after opening around Rs. 106.1 and remained flat as market is waiting for the US Jobs report which is going to get released at 7:00 PM today.
On Weekly basis untill Lead closes above the resistance of Rs. 112 it will remain negative for coming sessions. Technically, stochastic is just giving us opposite clue in weekly and daily charts.
In weekly charts it is at overbought area and on daily charts stochastic is falling towards oversold zone, for which the best support point is looking around the level of Rs. 101, we are not expecting Lead to fall below this crucial level.
Buyers may start renter into the market in the price band of Rs 103.5 to 102.5 with the stop loss of Rs. 101 for the target of Rs. 110 adds Hardik Jani, research analyst with Commodity Online.
The important thing to note is that both RSI and Stochastic is oversold in intra-day charts whether it is hourly, 4 hourly or 2 hourly, taking this into account it may bounce back to 108 if yesterday's low (Rs. 104.75) is not broken.
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