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Technical Analysis
Nickel Technical Report
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13 November, 2013, 1:53 PM
Nickel November contract on mcx inched 0.50 rupees down to settle at 877.80. Commodity closed well near its 50 days SMA which stands around 877 zones. Areas of 870 are very crucial to watch and any failure below 870 would bring 863-855 on cards. Resistance is now seen near 882 and then at 891 any sustained move above 882 would bring a retest to 888 zones where as any recovery above 891 would bring 900 and more upside.
Trading range for the day is expected among the key support at 840 and resistance at 910.
Recommendation:
$ Selling nickel below 872 with stop loss above 883 for targeting 864 and more down side might be appropriate.
$ Buying nickel above 891 with stop loss below 878 for targeting 900-910 and more upside might be appropriate.
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