Lead Meets Bearish Target Area
Shiv Kumar | Dec 30, 2016 10:15AM ET
Here is what I said about lead on 7th of December.
Here is that chart reproduced again:
Our target of 1970 area met yesterday as lead did a low of 1959 and currently is trading at 2000, at the time of writing.
Here is the daily chart below with latest updates.
As we can see, clearly we are just above the 61.80% retracement area of 1940. RSI is oversold now and MACD is too deeply under the low of previous bottom, but we are not getting any type of diversion here, which is the property of the termination of wave c.
I have taken risk here to go long in the area of 1900-1970 with closing stops of 1865. if this position stops out, then I will plan another buy around 1800-1770 area with stops of 1720.
Resistance: 2030 / 2062 / 2100
Support: 1950 / 1905 / 1865
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