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Lead showing bullish potential

As can be seen from the adjacent chart, MCX lead tumbled from the daily upper Bollinger Band till the lower Bollinger Band. The band induced bulls to begin a fresh round of buying. As a result, the base metal couldn’t breach the previous low of Rs121.30. The daily momentum indicato has given a fresh buy signal. The pull-back is breaking up into waves of lower degrees. As long as the key support zone of Rs122.25-121.30 holds, the bullish potential shall remain intact. The key level on the upside will be the 61.8% retracement mark, ie Rs128.40.

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