MCX Lead formed a sharp rally from the 104.25 low. It retraced nearly 78.6% of the entire previous fall. However,the bears opened a fresh round of selling near the key Fibonacci level. As a result, lead started tumbling down once again from the key Fibonacci level.
The daily momentum indicator that had been stretched to an overbought territory has triggered a bearish crossover, and is cooling off. Thus an upside, from a medium-term perspective, looks caped at the recent high of 128.40. From a short-term perspective, the reversal can be placed at 126.20. The short-term targets on the downside are 119 and 118, whereas the medium-term target is 113.50.