Lead prices likely to correct in short term: Sharekhan

Nifty BSE | NSE 25/05/12 Are Mutual Funds betting on Nifty?

According to Sharekhan's report, lead prices are set to correct in the immediate short term after rallying for ten consecutive sessions.

Sharekhan's report:

Lead prices are set to correct in the immediate short term after rallying for ten consecutive sessions. The volumes on the up-move have been substantial whereas in the previous two down days it has been below average, suggesting that this is just a correction in the medium term bullish trend. The daily and weekly momentum oscillators are trading above the zero line, but the daily momentum oscillator is curving down towards the moving average, suggesting a fall in upward movement. The metal is expected to retrace 38.2% of its recent up-move, which is at Rs 60. At current levels, lead is evenly poised and should only be sold in rallies.

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