EquityPandit’s Outlook for Nickel for the week  (May 29, 2017 – June 02, 2017) :

NICKEL:

NICKEL (584.80) closed the week on negative note losing around 2.90%.

As we have mentioned last week that 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. During the week the commodity manages to hit a high of 609 and close the week around the levels of 585.

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 592 to 595. Resistance for the commodity lies in the zone of 608 to 610 from where the commodity has broken down. If the commodity manages to close above these levels then the commodity can move to the levels of around 625 to 635 from where the commodity broke down on weekly charts.

Broad range for the commodity in the coming week can be seen between 565 – 570 on downside & 610 – 615 on upside.