As can be seen from the adjacent chart, MCX lead is in a medium-term downtrend. It recently formed a short-term pull-back that unfolded in a channelised manner. In the last session lead broke the lower end of the rising channel and thus seems to have resumed the larger downtrend. It has fallen below the key daily as well as weekly moving averages. The daily and weekly momentum indicators are in bearish mode. Thus, the base metal is expected to fall towards the low of Rs99.5. The intermediate support is at Rs103. On the other hand, the key resistances are Rs106 and Rs107.5.
