Stock Advisory in Indore, MCX Lead stuck in sideways range
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The Lead futures contract on the Multi Commodity Exchange (MCX) has been stuck inside a sideways range over the last several weeks.
The contract has been range-bound between ₹155 and ₹168 per kg for about two months.
Within this range, the contract made a low of ₹155.65 on Friday last week and has bounced sharply from there.
It is currently trading at ₹161/kg.
The sideways range remains intact. As long as the contract trades above ₹159, there is a strong likelihood of it moving higher to test ₹168 — the upper end of the range in the coming days.
Whether the contract breaks above ₹168 or not will decide the next move. Inability to break above ₹168 and a pull-back move will continue to keep the contract inside the sideways range for some time. In such a scenario, a fall to ₹160 and ₹155 is possible again.
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