EquityPandit’s Outlook for Nickel for the week  (Aug 14, 2017 – Aug 18, 2017) :

NICKEL:

NICKEL (681) closed the week on positive note gaining around 3.40%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 665 to 670 where 200 daily moving averages and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 680 to 685 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 703 and close the week around the levels of 681.

Support for the commodity lies in the zone of 673 to 678 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 660 to 665 where break out levels and 200 daily moving averages are lying.

Minor resistance for the commodity lies in the zone of 690 to 695. Resistance for the commodity lies in the zone of 700 to 705 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 720 to 725 where Fibonacci level is lying.

Broad range for the commodity in the coming week can be seen between 650 – 660 on downside & 710 – 720 on upside.