As can be seen from the adjacent chart, MCX lead has been oscillating about its crucial daily moving averages. In terms of the price pattern, the base metal has formed an accumulation triangle. Recently the price has taken support near the lower end of the pattern and has started moving up. The daily momentum indicator is in line with the up move. Thus, unless the swing’s low of 129.90 breaks lead can target 135–137 from the short-term perspective.

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