MCX Lead tumbled in March and the fall unfolded in a channelised manner. However, the base metal found support near the 61.8% retracement mark. Consequently, in April lead witnessed a short-term pullback, which faced resistance between 50% and 61.8% retracement of the fall. From there, lead started falling again. However, in the last couple of weeks, the base metal has bounce back again which got over near the junction of the daily upper Bollinger Band and the upper end of the reverse falling channel. Lead faced resistance near these hurdles twice in the last one week. Going forward, Rs 118.00-118.30 will act as a key resistance zone. On the downside, Rs 110.40-109 will be the target area from a short-term perspective. The next leg down will be confirmed once the swing low of Rs 113.30 is breached.
