MCX lead has fallen significantly in the last several sessions. It has broken the swing low of Rs.105.30. However, it has halted near a trendline drawn from the previous crucial swing lows. Thus, in terms of price pattern the base metal seems to have formed a broadening formation. The daily momentum indicator has reached near the oversold region. Thus, unless the level of Rs.103.50 breaks on closing basis, lead can attempt a bounce. From short-term perspective, Rs.109.90-110.40 will be the key target area. If these levels are is surpassed on closing basis then the commodity will be poised for significant upside.
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