EquityPandit’s Outlook for Nickel for the week  (Feb 05, 2018 – Feb 09, 2018) :

NICKEL:

NICKEL closed the week on negative note losing around 0.20%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 870 to 880 where long term Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 900 to 910 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 898 and close the week around the levels of 867.

Minor support for the commodity lies in the zone of 855 to 860. Support for the commodity lies in the zone of 835 to 845 from where the commodity broke out of November-2017 highs. If the commodity manages to close below these levels then the commodity can drift to the levels of around 810 to 820 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 870 to 880 where long term Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 900 to 910 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 830 – 840 on downside & 890 – 900 on upside.