EquityPandit’s Outlook for Nickel for the week  (Apr 02, 2018 – Apr 06, 2018) :

NICKEL:

NICKEL closed the week on positive note gaining around 3.00%.

As we have mentioned last week, that 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, Fibonacci levels and medium term moving averages are lying. During the week the commodity manages to hit a low of 830 and close the week around the levels of 869.

Minor support for the commodity lies in the zone of 845 to 855. Support for the commodity lies in the zone of 825 to 835 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, Fibonacci levels and medium term moving averages are lying.

Minor resistance for the commodity lies in the zone of 865 to 870. Resistance for the commodity lies in the zone of 900 to 910 where Fibonacci levels and high for the month of March-2018 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 & 890 – 900 on upside.