EquityPandit’s Outlook for Nickel for the week  (May 08, 2017 – May 12, 2017) :

NICKEL:

NICKEL (589.70) closed the week on negative note losing around 3.10%.

As we have mentioned last week that support for the commodity lies in the zone of 600 to 605 from where the commodity broke out on weekly basis. If the commodity manages to close below these levels then the commodity can drift to the levels of around 570 to 580. During the week the commodity manages to hit a low of 575 and close the week around the levels of 590.

Support for the commodity lies in the zone of 570 to 580. If the commodity manages to close below these levels then the commodity can drift to the levels of around 540 to 550 where long term trend-line support for the commodity is lying.

Minor resistance for the commodity lies in the zone of 600 to 605. Resistance for the commodity lies in the zone of 630 to 635 from where the commodity broke down on weekly charts. If the commodity manages to close above these levels then the commodity can move to the levels of around 675 to 680 where Fibonacci levels and medium term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 560 – 565 on downside & 620 – 625 on upside.