MCX Lead August: Sell Below 108 | Stop @ 111 | Target @ 105-103 OR
MCX Lead August: Buy Above 111 | Stop @ 108 | Target @ 114-116 OR
MCX Lead August: Risky Sell CMP 110.50 | Stop @ 111 | Target @ 108 – 105 – 103
MCX Lead August Outlook Weak
The technical chart of MCX Lead shows Symmetrical Triangle Pattern formation. Lead is trading near the higher resistance trend line and but it’s still well within the range of Symmetrical Triangle Pattern and may give a breakout on either side. Lead prices fell from 112 (July 29) to 107.30 on August 3 and thereafter went into the consolidation phase, forming the Triangle Pattern with higher bottom and lower top.
Height of the Triangle is 4.70 points, which is the difference from 112-107.30 levels. A breakout can be seen on either side. The prices are expected to move higher if the contract crosses 110.90. However, a fall below 108 will indicate the resumption of short-term downtrend.
If the contract crosses higher resistance level of 110.90 then prices may test 114-116 levels. But if the contract reverts from current level and trades below 108 then prices could fall to 105-103 levels, which is the height of the triangle from the Breakdown Point at 108.
