Adjacent chart shows price movement of MCX Lead continuous contract. Lead has seen a sharp up move from the low of 143. However, it is approaching a crucial resistance of 165. Since the momentum is with the bulls, it can inch higher towards 167.50 – 170 if it manages to break and sustain above 165 whereas, if it takes a pause around 165 then some consolidation is possible. The short term trend is positive as it is making higher top higher bottom pattern. However, some degree of caution is warranted as it is approaching crucial resistance level. The momentum indicator is in positive mode.
