Initiate fresh shorts on lead futures by admin- Thursday, August 4th, 2022 07:05:09 AM
The non-stop futures of lead at the MCX (Multi Commodity Exchange) which bounced off the help at ₹166 nearly 3 weeks in the past has largely been transferring in a sideways range for the past two weeks, fluctuating among ₹176 and ₹a hundred and eighty.
Although the broader fashion appears bearish, there are chances for the contract to rally to ₹184 before resuming the downswing. The lead futures ought to then retest the ₹166 level. A destroy below this could take the agreement lower to ₹157. There is probably a soar off this level because the 50 according to cent Fibonacci retracement level of the previous rally lies there.
Therefore, you can still remember beginning fresh shorts on lead futures on the modern-day stage and adding more shorts whilst the agreement rallies to ₹184. Place stop-loss at ₹192. When the contract movements in line with our expectation and falls underneath ₹166, regulate the forestall-loss to ₹182. Exit all your shorts at ₹157 because this is an crucial help towards which the settlement might witness a rebound.
But word that if the settlement rallies above ₹184, it may flip the trend bullish. A circulate above ₹184 could also imply that a falling trendline resistance would were taken out, making the case stronger for the bulls. Above ₹184, the resistances are at ₹195 and ₹200.