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.
