12-Aug-2016 MCX Lead Stuck in a range

Near the end of June, MCX lead broke out from the triangular pattern as well as from the upper channel line and rallied sharply. However, the rally couldn’t stretch beyond the weekly upper Bollinger Band. Structurally, it formed a distribution triangle and broke out on the downside. Also, the base metal cracked down from a short-term rising channel. However, it seems to be forming another triangular pattern. Unless lead crosses the resistance zone of Rs 123.30-123.60 on a closing basis, it has the potential to fall further. Rs 119.50-119.10 will be the key area to watch on the downside.
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