Technical Forecast for Lead
Nickel looking oversold in the short term. We should bottom out & hold above 14609 lows now. If we can beat 15000 look for 15107 & possibly as far as 15194 today. Above here however we run in to tough resistance at 15222/280 which could cap a bounce this week. We cannot rule out a break higher though & would look for 15403 as the next target.
Longs need stops below 14600 as a break lower could then target 14120 in the days ahead.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.