EquityPandit’s Outlook for Nickel for the week  (July 24, 2017 – July 28, 2017) :

NICKEL:

NICKEL (613.20) closed the week on absolutely flat note.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 627 and close the week around the levels of 613.

Minor support for the commodity lies in the zone of 605 to 608. Support for the commodity lies in the zone of 595 to 598 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 585 to 587 where short term moving averages are lying.

Resistance for the commodity lies in the zone of 625 to 630 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 640 to 645.

Broad range for the commodity in the coming week can be seen between 590 – 595 on downside & 625 – 630 on upside.