Lead Keep an eye

The adjacent chart shows the price movement of MCX Lead continuous contract. It has seen a sharp decline after hitting the high of 165.10. It closed around the 40 DMA in Thursday’s trading session. Also, it saw some pull-back from the lower end of the Bollinger Band. It has currently retraced 38.2% of the previous upmove. It has support at 151 levels. If it closes below 151, then a further fall is likely. However, if it holds the support level of 151, then a bounce towards the 20 DMA is possible. The 20 DMA is currently pegged at 158.40.