EquityPandit’s Outlook for Nickel for the week  (July 10, 2017 – July 14, 2017) :

NICKEL:

NICKEL (580.80) closed the week on negative note losing around 3.30%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 613 and close the week around the levels of 581.

Support for the commodity lies in the zone of 580 to 583 where break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 555 to 560 where the commodity has formed a short term bottom.

Minor resistance for the commodity lies in the zone of 590 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 560 – 565 on downside & 600 – 605 on upside.