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Lead leading down

The chart shows the price movement of MCX Lead (2ndmonth continuous chart). From the low of 105.2, lead formed a sharp rally. It retraced nearly 78.6% of the entire previous fall. However, near the key Fibonacci level, the bears opened a fresh round of selling. As a result from that key Fibonacci level, lead has started tumbling down once again. Thus, an upside, from a short- to mediumterm perspective, looks caped at the recent high of 128.90. The base metal is falling along with a short-term falling trendline. The reversal for the bearish view can be placed at 125 on a closing basis. The short-term target on the downside is at 115.5.

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