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MCX lead has fallen significantly in the last several sessions





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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