As can be seen from the adjacent chart, MCX lead tumbled from the daily upper Bollinger Band till the lower Bollinger Band. The band induced bulls to begin a fresh round of buying. As a result, the base metal couldn’t breach the previous low of Rs121.30. The daily momentum indicato has given a fresh buy signal. The pull-back is breaking up into waves of lower degrees. As long as the key support zone of Rs122.25-121.30 holds, the bullish potential shall remain intact. The key level on the upside will be the 61.8% retracement mark, ie Rs128.40.
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