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MCX Lead has started tumbling down once again

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 pull back in April. The pull back faced resistance in between 50.0- 61.8% retracement of the fall. From thereon lead has started tumbling down once again. The fall is breaking up into lower degree waves. In the last session, it has broken the low of Rs. 111.80. The daily as well as weekly momentum indicator is in line with the fall. From short term perspective, Rs 107.80-106.70 will be the area to watch out for. On the other hand, Rs 114.90 will act as a key resistance.

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