EquityPandit’s Outlook for Nickel for the week  (Feb 11, 2019 – Feb 15, 2019) :

NICKEL:

NICKEL closed the week on negative note losing around 1.20%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 910 to 920 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 950 to 960 where Fibonacci levels and high for the month of October-2018 are lying. During the week the commodity manages to hit a high of 956 and close the week around the levels of 896.

Minor support for the commodity lies in the zone of 890 to 900. Support for the commodity lies in the zone of 870 to 880 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 840 to 850 where break out levels and long term moving averages are lying.

Resistance for the commodity lies in the zone of 910 to 920 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 950 to 960 where Fibonacci levels and high for the month of October-2018 are lying.

Broad range for the commodity in the coming week can be seen between 860 – 870 on downside & 950 – 960 on upside.