MCX Lead Elliott Wave Analysis

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 MCX Lead daily continuous chart

MCX Lead hourly continuous chart

As per daily chart, MCX Lead is trading above the rising trend line which is a positive sign. There is a crucial support of 150 for the base metal. Only a move below this level will infuse selling pressure which can drag prices way lower. As far as it is trading above this trend line the bias is positive. However, RSI is exhibiting negative divergence which is a cautious sign.

From hourly chart, higher highs and higher lows are intact and recently it has come down to re-test the trend line support. Moreover none of the previous lows are taken out which makes this metal strong to move back up.

From Waves perspective, prices are either moving in an impulse fashion or it is in (a-b-c) pattern, in both the scenarios the bias is positive. The internal structures indicate that prices are moving in wave v of iii/c in which it is extended. As far as 150 is intact on the downside wave v of wave iii/c is set to soar near till 158.5-159 levels over short term.

The summation is MCX Lead is set to surge till 158.5-159 levels as far as the level of 150 is intact on downside.

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