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Lead on Reversal Pattern.

July 30, 2014 25 sec read

Lead (30.7.2014) moved up with other base metals & topped out at resistance.

Now Lead is trading at 2226 on LME & as we can see on charts, lead was able to produce a negative candlestick pattern after touching the topline of short term channel . The top line was represent 161.8% correction are of last minor bullish wave. However the reversal yesterday already touched the support zone but downtrend probably continue for coming trading session.

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On fundamental side,, some off beat data like pending home sales , may put pressure on base metals.

LEADDaily

Based on above studies, we will prefer to sell lead for some possible targets around 2179 & then 2152. A day close above 2312 will force us to reanalyze the charts.