EquityPandit’s Outlook for Nickel for the week  (Dec 24, 2018 – Dec 28, 2018) :

NICKEL:

NICKEL closed the week on negative note losing around 4.00%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 793 and close the week around the levels of 758.

Support for the commodity lies in the zone of 750 to 760 where long term Fibonacci levels and low for the month of November-2018 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.

Minor resistance for the commodity lies in the zone of 770 to 780. 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 710 – 720 on downside & 780 – 790 on upside.