EquityPandit’s Outlook for Nickel for the week  (Dec 26, 2017 – Dec 29, 2017) :

NICKEL:

NICKEL closed the week on positive note gaining around 4.20%.

As we have mentioned last week, that 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 779 and close the week around the levels of 770.

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 720 to 725 where Fibonacci levels 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 810 to 815.

Broad range for the commodity in the coming week can be seen between 745 – 750 on downside & 800 – 810 on upside.