Consider going brief in MCX lead futures by admin- Wednesday, July 13th, 2022 07:07:42 AM
Contract presently oscillating in ₹173 to ₹176 band
The non-stop futures of lead on the MCX (Multi Commodity Exchange) breached the vital support at ₹180 in the remaining week of June this year. Prior to that, the settlement traded in a sideways variety for pretty some time. That is, it has been oscillating among ₹a hundred and eighty and ₹195 among September 2021 and the very last week of June.
But the breach of the support at ₹a hundred and eighty has turned the trend bearish and, consequently, the agreement has fallen to the modern-day degree of ₹173.
That stated, the charge movement during the last few days shows that the settlement is now being held within ₹173 and ₹176. A breach of both of those tiers can lend us a few clues on the course of the subsequent leg of fashion.
So, sparkling trades are recommended now.
A break below ₹173 can drag the agreement closer to the nearest aid at ₹168. The next guide is at ₹158, from where there can be a bounce.
On the alternative hand, if the settlement breaks out of ₹176, it could move up to ₹a hundred and eighty. Immediately above this is the resistance of ₹182. So, a rally beyond ₹182 is less probable and the settlement can be expected to reverse decrease from the ₹a hundred and eighty-182 fee band.
Therefore, the general bias is bearish and buyers can take into account fresh short positions if the contract falls under ₹173 (forestall-loss may be at ₹177) or brief if the settlement rallies to ₹180-182 region (prevent-loss can be at ₹185).