MCX lead had fallen sharply from the high of Rs.138.40. The entire fall unfolded in a channelised manner. Recently, the base metal has bounced from the lower end of the channel and has broken out from the upper end. It has crossed the key daily moving averages on the way up. The daily momentum indicator is in line with the bounce. The wave structure is showing extension within the pullback. Thus, the pullback can turn out to be a larger one. The key levels on the upside will be Rs.122.80-126.50. On the other hand, Rs116.30 and Rs.114.60 will act as key supports.