Technical Outlook & Trading Strategy:-
The price of Lead was trading in a rising channel on its daily charts. But the selling pressure witnessed during the previous few sessions of trade has taken the prices of lead below the lower end of the channel on a closing basis, resulting into a breakdown.
We would like to point out that this is an extremely negative development in the counter and one will see the prices of Lead trade with a negative bias in the near term to short term. The momentum indicators have also turned into sell mode.
We recommend traders to sell 50% at current levels and again on rallies to Rs 111.75 — Rs 112.10 levels with a stop loss placed above Rs 113.10 levels for downside targets of Rs 109 and followed by Rs 107.75 levels expected to be achieved over the upcoming 3-4 sessions of trade.
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