EquityPandit’s Outlook for Nickel for the week  (July 17, 2017 – July 21, 2017) :

NICKEL:

NICKEL (612.60) closed the week on positive note gaining around 5.50%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 573 and close the week around the levels of 613.

Minor support for the commodity lies in the zone of 600 to 603. 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.

The commodity has closed just above the major resistance 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 590 – 595 on downside & 625 – 630 on upside.