Shubhlaxmi Commodity
Investing Wisely

05 Nov 2015 Technical Chart Lead Keep an eye

MCX lead, in its recent rise, has formed an impulse on the upside. After the impulse lead is forming a minor degree correction. It has retraced 61.8% of the impulse. Since the last few sessions, lead is forming a base near the key Fibonacci level. A key support zone on closing basis will be 61.8%-78.6% retracement marks, ie Rs.110.20-108.00 respectively. As per the Elliott Wave theory, hereon, its next leg on the upside is likely to start off. On the higher side, Rs.112.30-113.40 is the key resistance level beyond which lead can test the high of Rs.118.20.