EquityPandit’s Outlook for Nickel for the week  (May 22, 2017 – May 26, 2017) :

NICKEL:

NICKEL (602.50) closed the week on positive note gaining around 0.60%.

As we have mentioned last week that minor support for the commodity lies in the zone of 590 to 593. 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. During the week the commodity manages to hit a low of 580 and close the week around the levels of 602.

Minor support for the commodity lies in the zone of 592 to 595. Support for the commodity lies in the zone of 575 to 580 where the commodity has formed a short term bottom. 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 610 to 615. Resistance for the commodity lies in the zone of 625 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 580 – 585 on downside & 620 – 625 on upside.