EquityPandit’s Outlook for Nickel for the week  (Apr 23, 2018 – Apr 27, 2018) :

NICKEL:

NICKEL closed the week on positive note gaining around 8.40%.

As we have mentioned last week, that 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 1095 and close the week around the levels of 981.

Support for the commodity lies in the zone of 930 to 940 where break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 900 to 910 from where the commodity broke out of February-2018 high.

Resistance for the commodity lies in the zone of 990 to 1000 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 1050 to 1060.

Broad range for the commodity in the coming week can be seen between 900 – 910 on downside & 1050 – 1060 on upside.