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The December futures contract of lead on Multi Commodity Exchange (MCX) has been steadily gaining since the beginning of November. Since the past three weeks, the price has appreciated from about ₹148 to current levels of ₹158.
The price action in the daily chart shows bullish bias and the 21-day moving average (DMA) has crossed over the 50-DMA – a potential indication of medium-term uptrend.
Supporting the positive outlook, the daily relative strength index has been steadily moving north along with the price and the moving average convergence divergence indicator on the daily chart is tracing an upward trajectory. Notably, both the above mentioned indicators stay in their respective positive territory.
The contract faces a minor hurdle at ₹160. But since the momentum looks strong, it will most likely rally past ₹160 and touch ₹164 in the near-term. While ₹156 can be the immediate support, the contract has a support band of ₹154 and ₹152 below that level.
Considering the above factors, traders can be bullish and initiate fresh long positions in declines with stop-loss at ₹152.
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