EquityPandit’s Outlook for Nickel for the week  (April 10, 2017 – April 14, 2017) :

NICKEL:

NICKEL (656.80) closed the week on positive note gaining around 2.60%.

As we have mentioned last week that resistance for the commodity lies in the zone of 655 to 657 from where the commodity broke down after consolidation. If the commodity manages to close above these levels then the commodity can move to the levels of 675 to 680 where Fibonacci level is lying. During the week the commodity manages to hit a high of 673 and close the week around the levels of 657.

Minor support for the commodity lies in the zone of 648 to 652. Support for the commodity lies in the zone of 635 to 640 where the commodity has formed a bottom in the month of January-2017. If the commodity manages to close below these levels then the commodity can drift to the levels of 625 to 627 where the commodity has formed a low in the month of March-2017.

Resistance for the commodity lies in the zone of 655 to 657 from where the commodity broke down after consolidation. If the commodity manages to close above these levels then the commodity can move to the levels of 675 to 680 where Fibonacci level is lying.

Broad range for the commodity in the coming week can be seen between 620 – 625 on downside & 680 – 690 on upside.