Technical forecast for Lead

lead1

Lead tested & held Oct lows at 1979 last week & we made it to our target of 2046/47 yesterday. We expected to hit sellers here & top out for the day & as predicted the high was 2045. That looks like the end of the recovery now & we look set to trade lower. Support at 1990/80 could hold again if tested today but below here could see continued losses to 1964 then 1944/42.

Resistance at 2011 again but above here we could try for 2030/31. Unlikely we can make it any higher but above here look for 2045/47 again to try shorts with a stop above 2062 for 2088/98.

We could try shorts here with a stop above 2115.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More