EquityPandit’s Outlook for Nickel for the week  (Apr 30, 2018 – May 04, 2018) :

NICKEL:

NICKEL closed the week on negative note losing around 5.90%.

As we have mentioned last week, that 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 984 and close the week around the levels of 923.

Support for the commodity lies in the zone of 900 to 910 from where the commodity broke out of February-2018 high. If the commodity manages to close below these levels then the commodity can drift to the levels of around 860 to 870 where Fibonacci levels are lying.

Minor resistance for the commodity lies in the zone of 950 to 960. 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 860 – 870 on downside & 970 – 980 on upside.