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.                           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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