EquityPandit’s Outlook for Nickel for the week  (Apr 16, 2018 – Apr 20, 2018) :

NICKEL:

NICKEL closed the week on positive note gaining around 5.10%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 916 and close the week around the levels of 905.

Minor support for the commodity lies in the zone of 870 to 880. Support for the commodity lies in the zone of 850 to 860 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 825 to 835 where Fibonacci levels and medium term moving averages are lying

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 860 – 870 on downside & 925 – 930 on upside.