The chart shows the price movement of MCX lead (second month continuous chart). From the low of 105.2, lead formed a sharp rally. It retraced nearly 78.6% of the entire previous fall. However, the bears didn’t allow the base metal to scale above the key Fibonacci level.
Thus, since last couple of months lead is forming a distribution pattern, ie a distribution triangle. To complete last leg of the pattern, the price is expected to move up till 125.50-126. In that region, one can initiate fresh short position with tight reversal of 127 on a closing basis. The short-term target on the downside will be at 118.85.
Thus, since last couple of months lead is forming a distribution pattern, ie a distribution triangle. To complete last leg of the pattern, the price is expected to move up till 125.50-126. In that region, one can initiate fresh short position with tight reversal of 127 on a closing basis. The short-term target on the downside will be at 118.85.