EquityPandit’s Outlook for Nickel for the week  (Dec 18, 2017 – Dec 22, 2017) :

NICKEL:

NICKEL closed the week on positive note gaining around 4.60%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 744 and close the week around the levels of 739.

Minor support for the commodity lies in the zone of 720 to 725. 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.

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 700 – 705 on downside & 770 – 775 on upside.