MCX lead tumbled significantly in March. The fall unfolded in a channelised manner. However, the base metal found support near the 61.8% retracement mark. Consequently, lead formed a short-term pullback in April. The pullback faced resistance in between 50- 61.8% retracement of the fall. Thus, from thereon lead has started its next leg down. On the way down, it has broken the key daily moving averages and a rising trendline. The daily momentum indicator has given a sell signal. Thus, lead looks set to test the recent low of Rs111.80 with a potential to extend on the downside. On the other hand, Rs117.40 will act as a key resistance on closing basis.