Sell MCX Lead August; target Rs 112-113: Nirmal Bang

Nirmal Bang's report on MCX Lead

MCX Lead prices witnessed a good four wave pattern but looking at the chart price is likely to witness a fifth failure which can lead the commodity to 112-113 levels in the short term.

Wave 2 retraced exactly to 61.8% of the wave 1, and the other side wave 3 already extended more than 261.8% of wave 1. Fifth failure is the possibility in lead after witnessing a breach of immediate support of 122. Lead Prices have been raking a tout resistance around 126 levels and finally breached the immediate support of 122 levels indicating strong sell is expected in the coming days.

Outlook: We expect the lead prices to test 112-113 levels in the short run, sell lead on rise Aug Contract between 122-123 stoploss above 127 on daily closing basis for the target of 112-113.

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.

Read More