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MCX Lead Pull back mode 21 April 2016

MCX lead tumbled significantly for a few weeks. The fall unfolded in a channelised manner. However, the base metal found support near the 61.8% retracement mark. At that key Fibonacci level, lead formed a bullish outside bar on the daily chart. Consequently, lead has entered into a short-term pullback mode. The pullback is breaking up into lower degree waves and can stretch till Rs119.70-121.60. On the other hand, Rs116.00-115.20 will act as a key support zone.

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