The price of lead has been taking support at the declining trendline support as outlined in the
chart above.
But each and every pullback from this trendline support has met stiff resistance at its moving average clusters and eventually the price registered a breakdown below this trendline
support during the previous session of trade.
This running breakdown is an extremely negative signal for the future price movement of Lead. The RSI indicator is also trading is sell mode.
Thus, considering the overall bearish technical setup mentioned above, we expect the prices of
Lead to decline to levels of Rs 102.80 / Rs 101.00 levels.
We recommend traders to sell between Rs 105.20--Rs 104.40 levels with a stop loss placed above Rs 106.45 levels for downside targets mentioned above.
MCX LEAD AUG. CONTRACT OPEN Rs 106.90 HIGH Rs 107.45 LOW Rs 104.45 CLOSE Rs 104.75
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