Technical Forecast for Lead

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.