Technical Outlook:
On LME, Nickel prices were moving in a range bound manner since May. Today prices have
given a triangle breakout both seen on daily and weekly charts. As per the breakout levels, if
prices sustain above $19180, the next expected level is around $20500. Support level is
around $18250. At MCX, we can expect that if nickel sustains above 1178 level on a closing
basis, we can look towards upside price level of 1222, 1272. Support level is around 1121. At
present nickel price is running around 1173 level. Breach of 1178 on closing basis is
important to confirm a rally.
Outlook: The triangle breakout indicates that nickel is likely to move up from present level.
Hence we maintain a bullish outlook for nickel. As per the indicators, weekly chart is showing
prices are running above 10-period EMA, RSI slope is pointing up at 62 level.
Strategy: Buy Nickel around 1145-1150 SL 1119 Target 1222,1262.
NICKEL MCX Daily
LME NICKEL Daily
WHAT EVER YOU EARN FROM MY CALLS PLEASE GIVE 10% PROFIT'S FOOD TO COWS AND DOGS HELP THM GOD WILL HELP YOU-!!!
On LME, Nickel prices were moving in a range bound manner since May. Today prices have
given a triangle breakout both seen on daily and weekly charts. As per the breakout levels, if
prices sustain above $19180, the next expected level is around $20500. Support level is
around $18250. At MCX, we can expect that if nickel sustains above 1178 level on a closing
basis, we can look towards upside price level of 1222, 1272. Support level is around 1121. At
present nickel price is running around 1173 level. Breach of 1178 on closing basis is
important to confirm a rally.
Outlook: The triangle breakout indicates that nickel is likely to move up from present level.
Hence we maintain a bullish outlook for nickel. As per the indicators, weekly chart is showing
prices are running above 10-period EMA, RSI slope is pointing up at 62 level.
Strategy: Buy Nickel around 1145-1150 SL 1119 Target 1222,1262.
NICKEL MCX Daily
LME NICKEL Daily
WHAT EVER YOU EARN FROM MY CALLS PLEASE GIVE 10% PROFIT'S FOOD TO COWS AND DOGS HELP THM GOD WILL HELP YOU-!!!
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