Lead bounced back lower bollinger band

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Adjacent chart shows the price movement of MCX Lead continuous contract. Lead witnessed a breakdown from the bear flag pattern and saw a sharp correction thereafter. Currently, it has bounced back lower Bollinger band. On the way up, the gap area of 143.60 – 148 will be a crucial resistance in the near term. On the way down, the swing low of 137.25 will be a crucial support. The short-term trend remains bearish as long as it trading below the swing high of 148.45. Lead can drift lower towards 135 – 132 once it breaks the crucial support level of 137.25. The daily momentum indicator is bearish.

bounced back lower Bollinger band

 

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