EquityPandit’s Outlook for Nickel for the week  (Jan 15, 2018 – Jan 19, 2018) :

NICKEL:

NICKEL closed the week on positive note gaining around 1.20%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 815 to 820 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 835 to 840 where the commodity has formed a top in the month of November-2017. During the week the commodity manages to hit a high of 838 and close the week around the levels of 804.

Support for the commodity lies in the zone of 780 to 790 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 760 to 765 where break out levels and short term moving averages are lying.

Resistance for the commodity lies in the zone of 815 to 820 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 835 to 840 where the commodity has formed a top in the month of November-2017.

Broad range for the commodity in the coming week can be seen between 770 – 780 on downside & 835 – 840 on upside.