Lead: Opportunity for bears

As can be observed from the adjacent chart, MCX Lead faced resistance near the high of Rs114.25. It formed a double top there and tumbled sharply. The fall got retraced till the 38.2% retracement mark. The 20-day moving average (DMA) and the 40-day exponential moving average (DEMA) didn’t allow the pullback to get deeper. Consequently from there Lead has started a fresh move down, which is subdividing into lower degree waves. Recently the base metal has formed a minor degree bounce. The daily momentum indicator is in a bearish mode. Thus this is an opportunity to initiate fresh short position. Reversal for the bearish view will be above the high of the pullback ie above Rs108.9. The target on the downside is Rs99.5 (equality target).
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