MCX Lead broken rising channel

MCX Lead broken rising channel

The adjacent chart shows price movement of MCX Lead continuous contract. Lead has broken down from a medium-term rising channel & has entered correction mode. The fall is breaking up into lower degree waves. The base metal recently formed an Engulfing bear candle after a short-term pullback. Thus the bounce looks done at the recent high of 168. Unless that gets taken out, the commodity is expected to head towards south. The short-term momentum indicator is in bearish mode. Immediate support is at 163.70. The overall short-term target area on the downside is at 160-159