Lead futures saw a decline in price between May and December last year. The price dropped from about ₹196 to ₹175. The long-term chart shows that the lead futures has been oscillating within the range of ₹175-196 since June 2021.
Since the support at ₹175 is strong, the latest downtrend too was arrested by this base towards the end of last year. But since the beginning of 2025, the contract has been charting a horizontal trend between ₹177 and ₹181.
We expect lead futures to eventually break out of ₹181 since it is trading near a long-term support. Hence, over the medium term, lead futures can rally to ₹196.
In case the contract drops below the support at ₹175, the outlook can turn bearish and the price can see a quick decline to ₹168.
But as it stands, the likelihood of a rally is high.
Trade strategy
Buy lead futures at the current level of ₹179 and place a stop-loss at ₹172. When the contract rallies to ₹184, trail the stop-loss to ₹180. Book profits at ₹194.