EquityPandit’s Outlook for Nickel for the week  (May 21, 2018 – May 25, 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 945 to 955. 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. During the week the commodity manages to hit a high of 1010 and close the week around the levels of 993.

Minor support for the commodity lies in the zone of 985 to 990. Support for the commodity lies in the zone of 965 to 975 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 945 to 955 from where the commodity broke out after consolidation.

Minor resistance for the commodity lies in the zone of 1000 to 1010. Resistance for the commodity lies in the zone of 1050 to 1060 from where the commodity has broken down. If the commodity manages to close above these levels then the commodity can move to the levels of around 1090 to 1100 where the commodity has formed a top in the month of April-2018.

Broad range for the commodity in the coming week can be seen between 940 – 950 on downside & 1050 – 1060 on upside.