Adjacent chart shows price movement of MCX Lead continuous contract. Lead has completed “five wave” rise. Post the “five wave rise”, Lead has witnessed a sharp fall. It is trading in a rising channel and has found resistance at the upper end of the channel. In the near term, minor degree correction is likely, wherein Lead can drift lower towards 160.25 – 158.50 as long as it is trading below the swing high of 171.10. A break above 171.10 will lead to an extension in “fifth wave” which can take it higher to 175 – 178.50 levels. The momentum indicator is in positive mode.
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