EquityPandit’s Outlook for Nickel for the week  (Dec 17, 2018 – Dec 21, 2018) :

NICKEL:

NICKEL closed the week on positive note gaining around 1.20%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 771 and close the week around the levels of 790.

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 800 to 810 from where the commodity broke down from consolidation and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 830 to 840 where Fibonacci levels and short term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 760 – 770 on downside & 820 – 830 on upside.