In the last few sessions, MCX lead formed a short-term pullback, which retraced 61.8% of the previous fall. It also faced resistance near the 40-day exponential moving average and the daily upper Bollinger band. Thus, from thereon lead started falling down. On the downside Rs.107.50-107.00 will be the key area to watch out for. A larger downside can be expected once the support zone breaks. On the other hand, the swing high of Rs.114.65 will act as a key resistance. If bulls manage to surpass that hurdle then lead will be poised for a significant upside.
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