Lead likely to tumble; target Rs 114.70: Sharekhan

Sharekhan has come out with its report on Lead. According to the research firm, commodity is expected to tumble down and it has short-term targets around Rs 114.70 and Rs 113, ie 50% and 61.8% retracement mark respectively.

Lead: Distribution pattern

As can be seen from the chart, MCX lead retraced 78.6% of the previous fall. It is making attempts to cross the key Fibonacci level but the bears have put up a strong resistance. Consequently, the price formed a distribution triangle there. The daily momentum indicator turned in favor of the bears. Thus, unless the high of Rs 121.70 is crossed on a closing basis, lead is expected to tumble down. The short-term targets are 114.70 and 113, ie 50% and 61.8% retracement mark respectively.

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