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Lead at important level

As one can see from the adjacent chart, MCX lead is trading in a trend channel in the hourly chart. Currently, it is trading at the upper trend line of the channel. Technical parameters such as Relative Strength Index and Stochastic are in an overbought zone. One can take short position in the metal with a small stop loss of Rs127.50 for a down side target of Rs125-124. On the upside, on breach of the channel one can expect Rs130-131 levels.

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