EquityPandit’s Outlook for Nickel for the week  (Aug 28, 2017 – Sep 01, 2017) :

NICKEL:

NICKEL (729) closed the week on positive note gaining around 3.60%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 755 and close the week around the levels of 729.

Support for the commodity lies in the zone of 720 to 725 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 700 to 705 where Fibonacci level is lying..

Resistance for the commodity lies in the zone of 745 to 750 from where the commodity has sold off in the month of Feb-2017. If the commodity manages to close above these levels then the commodity can move to the levels of around 775 to 780 from where the commodity has sold off in the month of Dec-2016.

Broad range for the commodity in the coming week can be seen between 680 – 690 on downside & 760 – 770 on upside.