MCX lead had fallen sharply from the high of Rs.138.40. It then 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. Thus, from thereon lead tumbled back towards the low of Rs.107.15 Since the last few sessions the metal is forming a pullback, which has retraced 50% of the recent fall. Going ahead, the key resistances will be 61.8% (Rs.114.60) and 78.6% (Rs.116.50). Unless these levels are crossed on closing basis lead can fall back towards the low.
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