![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGtIu4ZPdA2i6ziUrSnSUj95VDNCUpwyapHgAgurbnFIdVB29sKO_g2KGg7_JZG5LXhCsXjkGq99sofEvIT5jj5aDkabJYuUkAAWyn-i9Qkh4KDxlIHjECBt9am1LVxwJ4f8WiMiVWFNm_/s1600-rw/Lead-2.jpg)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQ4cFEzvNEJcFqGbL4c2A7JOdvs_n3jEyVP_x1LHJLQFcNSQBgsXl1OAXar4VZDfoM46KrcYLN9gybOZuf867085e6AnaW00lPr02A77iqxW62PAMbELf8Cy5BhZ8j7ndtQjRDhbvRY54t/s1600-rw/Chart101.jpg)
MCX lead had fallen sharply from the high of Rs.138.40. It then formed a short-term pullback, which retraced 38.2% of the previous fall. Near the key Fibonacci level the base metal faced resistance near the 40-day exponential moving average and the daily upper Bollinger band. Thus, from thereon lead tumbled back towards the low of Rs.107.15 Since the last few sessions the metal is forming a pullback, which has retraced 50% of the recent fall. Going ahead, the key resistances will be 61.8% (Rs.114.60) and 78.6% (Rs.116.50). Unless these levels are crossed on closing basis lead can fall back towards the low.