Technical Outlook & Trading Strategy:-
The price of Lead rallied from the lows of `107.80 levels to hit a high of Rs 123.40 levels as on 13th Jul, 2011.Since, then the price witnessed a pull back towards its key near term moving average.
The key observation to be made is that, the prices took support at these key averages and this corrective move was also on the back of declining volumes which clearly suggests that the price weren’t under any real supply pressure. Since this pullback the price has resumed their uptrend and we believe that the prices can now test upside levels of Rs 124.25 /Rs 125 levels over the upcoming sessions of trade. The momentum indicators continue to trade in bullish mode.
We recommend traders to buy between Rs 123.15--Rs 122.30 levels with a stop loss of Rs 121.15 levels for upsidetargets mentioned above.
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