Technical forecast for Lead for 19th May 2013

lead2

Lead headed higher as hoped to tackle strong resistance at 2011/14. We did struggle here as expected & as stated on Friday, it may be wise to exit longs & try shorts from here up to 2026 with stops above 2032. A break higher could then target 2062/66 for a selling opportunity.

Failure to beat 2026 could see us drift back to 1995. However this may not hold for long & could test support at 1975 which should hold the downside for profit taking on shorts. Below here, May lows at 1943/38 is our important support & should hold on a retest but a break risks a slide to 1904.

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