EquityPandit’s Outlook for Nickel for the week  (Oct 09, 2017 – Oct 13, 2017) :

NICKEL:

NICKEL (693.20) closed the week on positive note gaining around 0.20%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 700 to 705 where break out levels and Fibonacci levels for the commodity is lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 723 to 728 from where the commodity has broken down from H&S pattern and Fibonacci levels are lying. During the week the commodity manages to hit a high of 708 and close the week around the levels of 693.

Support for the commodity lies in the zone of 680 to 685 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 650 to 655 where Fibonacci levels and 200 daily moving averages are lying.

Resistance for the commodity lies in the zone of 705 to 710 where short term moving averages and Fibonacci levels for the commodity are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 723 to 728 from where the commodity has broken down from H&S pattern and Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 650 – 655 on downside & 730 – 735 on upside.