EquityPandit’s Outlook for Nickel for the week  (Dec 31, 2018 – Jan 04, 2019) :

NICKEL:

NICKEL closed the week on negative note losing around 2.00%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 735 and close the week around the levels of 743.

Minor support for the commodity lies in the zone of 725 to 735. Support for the commodity lies in the zone of 700 to 710 where the commodity has taken multiple support in the month of December-2017. If the commodity manages to close below these levels then the commodity can drift to the levels of around 660 to 670.

Resistance 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 above these levels then the commodity can move to the levels of around 790 to 800 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.