MCX lead in the last few sessions formed a three-wave correction. The correction found support near 78.6% retracement of the recent rise as well as near the lower end of the channel. Near these supports bulls have rushed in to provide support to the base metal. The daily momentum indicator has completed a correction cycle till the equilibrium line. Thus, hereon lead is expected to trade with positive bias from short-to-medium term perspective. The swing low of Rs.109.80 will act as a crucial support on closing basis. Key levels on the upside will be Rs.116.20–119.00.
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