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.                                 Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. To read the full report click on the attachment

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