EquityPandit’s Outlook for Nickel for the week  (Oct 16, 2017 – Oct 19, 2017) :

NICKEL:

NICKEL (756.20) closed the week on positive note gaining around 9.10%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 757 and close the week around the levels of 756.

Support for the commodity lies in the zone of 745 to 750 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 715 to 720 where Fibonacci levels and short term moving averages are lying.

Resistance for the commodity lies in the zone of 760 to 765 from where the commodity broke down after consolidation. If the commodity manages to close above these levels then the commodity can move to the levels of around 780 to 785 where Fibonacci levels and top for the month of September-2017 is lying.

Broad range for the commodity in the coming week can be seen between 730 – 735 on downside & 780 – 785 on upside.