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.

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