EquityPandit’s Outlook for Nickel for the week  (Dec 03, 2018 – Dec 07, 2018) :

NICKEL:

NICKEL closed the week on positive note gaining around 0.40%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 780 to 790 from where the commodity broke down. If the commodity manages to close above these levels then the commodity can move to the levels of around 800 to 810 from where the commodity broke down from consolidation and Fibonacci levels are lying. During the week the commodity manages to hit a high of 782 and close the week around the levels of 774.

Support for the commodity lies in the zone of 760 to 770 where long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 700 to 710 where the commodity has taken multiple support in the month of December-2017.

Resistance for the commodity lies in the zone of 780 to 790 from where the commodity broke down. If the commodity manages to close above these levels then the commodity can move to the levels of around 800 to 810 from where the commodity broke down from consolidation and Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 720 – 740 on downside & 810 – 830 on upside.