Lead is moving towards 136 followed by 132
mcx lead daily chart
mcx lead hourly chart
As shown in daily chart of mcx lead, price is moving in downward channel from start of February till today. The channel is intact in these 3 months. Price fell from 165 to 136 making up and downs within this channel. After hitting low of Rs 136, it reverted back and make high of Rs 146 around. Expiry short covering helped it to touch the resistance line, but as soon as it entered in new contract, it gave up all the steam and tumbled down. Broke middle line of bollinger band downwards, which is bearish sign again.
On hourly charts, It made a new resistance of Rs 146.80 mark. It created double top there. Now it is very difficult to cross it.
Now support is placed at 136, which is prior low and can work as support now. Second point is that,' bollinger band support line is placed at 136 mark. But , as bollinger band is moving indicator, it can turn down, ones price hit 136 mark.
As per wave count price should touch 132, sooner or latter. Trade accordingly, with less quantity, strict sl or trailing sl method. Protection of capital is must to remain in market.
Thanking you, Jay Shriram.
