MCX Lead: Bullish channel breakout

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Remember a channel breakout is a first indication that prices are about to change the direction. Prices which are moving in a falling channel changes the trend once it takes out the upper downward sloping trend line.

MCX Lead has given a bullish break in a falling channel, thus opening positive possibilities. This gives a clear picture of basic technicals.

As per advance technicals i.e. wave theory, Lead after completing diametric pattern at 107.15 where 'g' is marked moved higher thereafter in a corrective pattern. Corrective pattern has three legs in it. Wave a was a complex one, wave b completed in a running flat pattern and wave c is now open and can move higher in a five wave structure.

In short expect prices to move higher till 133-135 levels in near term as far as 125.30 is intact on the downside.

MCX Lead Daily chart (1st month contract)


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