EquityPandit’s Outlook for Nickel for the week  (Feb 19, 2018 – Feb 23, 2018) :

NICKEL:

NICKEL closed the week on positive note gaining around 6.40%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 850 to 855. 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 918 and close the week around the levels of 887.

Minor support for the commodity lies in the zone of 870 to 875. Support for the commodity lies in the zone of 840 to 850 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 800 to 810 from where the commodity broke out after consolidation and short term moving averages are lying.

Resistance for the commodity lies in the zone of 900 to 910 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 930 to 940 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 830 – 840 on downside & 930 – 940 on upside.