As one can see from the adjacent chart, MCX lead has violated the trend channel on the one-hour chart, which it was following since the last one month. The negative crossover on the key moving averages and Moving Average Convergence Divergence valued -1.15 indicates bearishness on the counter. The other technical observations are Relative Strength Index valued 14 and Stochastic valued 4 both indicate oversold territory on commodity. On rises (not at current level) till Rs.121.50- Rs.122.50, one can sell for downside target of Rs.119-Rs.118. Trade above Rs.123.60 will negate a bearish view.