As can be observed from the daily chart, MCX lead is in a downtrend forming lower tops and lower bottoms in a downward sloping channel. It is currently witnessing a pull-back till the higher end of the down sloping channel near Rs103.65, which can be used to sell for a move lower towards Rs98.3. The momentum indicator is in sell mode and the prices are trading below its 20-daily moving average, ie Rs105.8, indicating bears have the upper hand.
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