EquityPandit’s Outlook for Nickel for the week  (Nov 27, 2017 – Dec 01, 2017) :

NICKEL:

NICKEL closed the week on positive note gaining around 3.00%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 770 to 780 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 800 to 810 where long term Fibonacci levels are lying. During the week the commodity manages to hit a high of 779 and close the week around the levels of 774.

Minor support for the commodity lies in the zone of 760 to 765. Support for the commodity lies in the zone of 745 to 750 where Fibonacci levels and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 700 to 710 where Fibonacci levels and medium term moving averages are lying.

Resistance for the commodity lies in the zone of 775 to 780 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 800 to 810 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 730 – 740 on downside & 800 – 810 on upside.