The chart shows price movement of MCX Lead on the continuous chart. From the low of 105.2, lead formed a sharp rally. It retraced nearly 78.6% of the entire previous fall. However, near the key Fibonacci level, the bears opened fresh round of selling. As a result from that key Fibonacci level, lead has started tumbling down once again. The fall is breaking up into lower-degree waves.
Recently it formed a minor-degree pullback, which also retraced 78.6% of the first leg of the fall. Along with that it faced resistance near a medium-term falling trend-line. The risk reward ratio favours initiating a fresh short position with stop loss at 126.50 on a closing basis. On the downside, the equality target comes to 116.
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MCX Lead Looks Attractive For Fresh Shorts
Published 07/07/2013, 01:32 AM
Updated 05/14/2017, 06:45 AM
MCX Lead Looks Attractive For Fresh Shorts
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