Technical Forecast for LME
Lead made it to our target of 2046/47 this week & traded lower to support at 1990/80 which did hold again as hoped. We have been hovering with in this range for 4 days now & closing around the same price each day but bulls can only feel confident if we close above 2046 now. Resistance today at 2011 then 2031 & the 2046/47 level above which should be very tough to beat. We could try shorts with a stop above 2062 for 2088/98 but this area could mark the high for the
week if tested.
There is a good chance that we are only taking a breath before the next break lower. The failure to beat 2046 this week is a concern so we must watch for a break below Oct lows of 1979 for continued losses to 1964 then 1944/42 & 1925 below.
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