Lead: Hits a hurdle

As can be observed from the adjacent chart, MCX Lead crossed the short term as well as the medium term falling trendline. The price has moved up in a channelised manner. However it has halted near the high of 114.25. At that level Lead has formed a bearish outside bar. The daily momentum indicator has triggered a bearish crossover from the overbought region. Thus unless the high of Rs114.85 is crossed, further upside is unlikely. Key levels on the downside are Rs110 (lower end of the rising channel) and Rs108 (the 40 day exponential moving average [DEMA] and the medium term falling trendline).