EquityPandit’s Outlook for Nickel for the week  (Dec 11, 2017 – Dec 15, 2017) :

NICKEL:

NICKEL closed the week on negative note losing around 3.40%.

As we have mentioned last week, that support for the commodity lies in the zone of 700 to 710 where Fibonacci levels and medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 670 to 675 where Fibonacci levels and long term moving averages are lying. During the week the commodity manages to hit a low of 693 and close the week around the levels of 706.

Support for the commodity lies in the zone of 700 to 705 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 670 to 675 where Fibonacci levels and long term moving averages are lying.

Minor resistance for the commodity lies in the zone of 720 to 725. Resistance 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 above these levels then the commodity can move to the levels of around 775 to 780 from where the commodity has broken down.

Broad range for the commodity in the coming week can be seen between 670 – 680 on downside & 730 – 740 on upside.