MCX lead had fallen sharply from the high of Rs.138.40.It recently formed a short-term pullback, which retraced 38.2% of the previous fall. Near the key Fibonacci level the base metal faced resistance near the 40-day exponential moving average and the daily upper Bollinger band. The weekly chart shows that the key weekly moving averages were also nearby. Thus, from thereon lead has fallen back towards the low of Rs.107.15, which holds the key for further course of action. Unless that breaks lead can bounce back towards the 20-day moving average, which is near Rs.113.
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