MCX Lead formed a sharp rally from the 104.25 low. It retraced nearly 78.6% of the entire previous fall. However, near the key Fibonacci level, the bears opened fresh round of selling. As a result, lead started tumbling once again from that key Fibonacci level. The daily momentum indicator that had been stretched to an overbought territory, triggered a bearish crossover and then cooled off.
An upside, from a medium-term perspective, looks capped at the recent high of 128.40. From the short-term perspective, a reversal can be trailed to 124 on a closing basis. The short-term targets on the downside are 116.30 and 113.50.