Shubhlaxmi Commodity
Investing Wisely

Lead has weakend

As one can see from the adjacent chart, MCX lead has taken trendline resistance and metal is in formation of lower top and lower bottoms on one-hour chart. There’s a bearish engulfing candlestick pattern. The Moving Average Convergence Divergence valued 0.5 suggests a bearish approach. Other technical observations are Momentum valued -1.2, Relative Strength Index valued 41 and Williams-%R valued -96. One can sell at the current level or as it rises till Rs126 and for downside price target of Rs124.50-Rs123. The trade above Rs127.50 will negate a bearish view.