Lead may slip to Rs 120: Sharekhan

Sharekhan's report on Lead

As can be seen from the chart, MCX Lead had rallied sharply. It had crossed the upper end of the mediumterm rising channel as well as the previous high of 154.35. However, it couldn’t sustain the higher territory and suffered a sharp sell off. From there the base metal has tumbled down and has broken the lower channel line.

The 40-daily exponential moving average and the daily upper Bollinger are the key resistance zones. Thus unless the level of Rs 133.50 is crossed, the price is expected to start the next leg down. The short-term targets on the downside are Rs 123.80 and Rs 120.

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