EquityPandit’s Outlook for Nickel for the week  (Aug 20, 2018 – Aug 24, 2018) :

NICKEL:

NICKEL closed the week on negative note losing around 0.70%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 950 to 960 where Fibonacci levels and medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 980 to 990 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 968 and close the week around the levels of 946.

Support for the commodity lies in the zone of 920 to 930 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 900 to 910 where Fibonacci levels and long term moving averages are lying.

Resistance for the commodity lies in the zone of 950 to 960 where Fibonacci levels and medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 980 to 990 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 910 – 920 on downside & 970 – 980 on upside.