Lead: Uptrend Resumed
Shiv Kumar | Jan 16, 2017 05:02AM ET
Here is what I said about Lead on 30th December 2016.
Here are both the previous charts, reproduced below
This was the first one which indicated to initiate the selling position:
And this is the second chart which indicated that we are approaching towards the end of the current corrective phase with year end and it will be better to have a long position for a new year of 2017.
Here is the daily chart below with latest developments:
RSI and MACD both are in favor of bulls, it looks like that Lead is resuming its uptrend again after a correction in wave 2. Right now it is trading around 2280-84 at the time of writing and already cleared the first resistance zone and looks ready to challenge the next zone of 2370-2406 before completion of wave I of 3.We plan to book our long position initiated around 1970 area around 2400 and re-enter after small correction, somewhere around 2150-2100 area.
Here is the 5 hr chart below with close inside look.
Right now we are in final advancing phase before correction.
Macd is in favor of bulls but RSI is already in overbought position hence longs need strict stops to cap the gains as correction is highly possible scenario here.
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Resistance: 2320/2370/2408
Support : 2230/2160/2135
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