NICKEL (704) closed the week on positive note gaining around 3.30%.

As we have mentioned last week, that support for the commodity lies in the zone of 673 to 678 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 660 to 665 where break out levels and 200 daily moving averages are lying. During the week the commodity manages to hit a low of 664 and close the week around the levels of 704.

Minor support for the commodity lies in the zone of 690 to 695. Support for the commodity lies in the zone of 673 to 678 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 660 to 665 where break out levels and 200 daily moving averages are lying.

Resistance for the commodity lies in the zone of 700 to 705 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 720 to 725 where Fibonacci level is lying.

Broad range for the commodity in the coming week can be seen between 660 – 670 on downside & 720 – 730 on upside.