Lead has short term target at Rs 114.7: Sharekhan

Sharekhan has come out with its report on Lead. According to the research firm, the immediate supports for lead are the 20-daily moving average (118) and the 40-daily exponential moving average (116.8). Overall, the short-term targets are Rs 114.70 and Rs 113, ie 50% and 61.8% retracement mark respectively.

Lead: A bearish breakout

As can be seen from the chart, MCX lead retraced 78.6% of the previous fall. It made multiple attempts to cross the key Fibonacci level but the bears put up a strong resistance. Consequently, the price has formed a distribution triangle and has broken on the downside. The daily momentum indicator is in favor of the bears.

The immediate supports for lead are the 20-daily moving average (118) and the 40-daily exponential moving average (116.8). Overall, the short-term targets are Rs 114.70 and Rs 113, ie 50% and 61.8% retracement mark respectively. The reversal can be trailed to 121.

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