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Technical Analysis
Technical View On Nickel.
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6 December, 2013, 5:07 PM
Nickel December contract on mcx inched 0.50 rupees up to settle at 849.50.
Metal headed a high of 862.60 in yesterday’s session but selling appeared near 20 days SMA line and then metal closed nearer price close adding very small gain of 50 paisa on daily closing basis. Today price objective for bulls would be 858 and then at 862 any sustained move above that level would bring 870-880 and more upside.
Support is now seen near 842 and then at 833 any failure below 833 would bring 818-808 and more down side on cards. Overall trend is down and metal is now consolidating before initiating fresh move.
Trading range for the day is expected among the key support at 830 and resistance at 930.
Recommendation:
Today buying nickel above 858 with stop loss below 848 for targeting 870 and more upside.
In alternative scenario selling can be taken below 833 with stop loss above 848 for targeting 818-810 and more down side.
Click link for Technical Chart:
http://prntscr.com/2935i3
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