As can be seen from the chart, MCX Lead had rallied sharply. It had crossed the upper end of the mediumterm rising channel as well as the previous high of 154.35. However, it couldn’t sustain the higher territory and suffered a sharp sell off. From there the base metal has tumbled down and has broken the lower channel line. The base metal found support near the key weekly moving averages and is moving up to retest the channel line. It has crossed it key daily moving averages. Lead can further stretch till 137-139. The bullish potential remains intact as long as the level of 130 holds.
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