MCX Lead is in the third leg down, which is breaking up into lower degree waves. Recently Lead formed a bearish flag and has resumed with the down trend. It has broken the 20 day mov ing average (DMA) and the 40 day exponential moving average (DEMA). The falling trendline from the previous highs is adding downward pressure on the commodity. The daily momentum indicator has formed a bearish hook. The targets on the downside are Rs98.3 (61.8% retracement mark) and Rs95.8 (equality target). Reversal can be placed above the swing high and the trendline ie above Rs109.2.