EquityPandit’s Outlook for Nickel for the week  (Feb 12, 2018 – Feb 16, 2018) :

NICKEL:

NICKEL closed the week on negative note losing around 3.80%.

As we have mentioned last week, that minor support for the commodity lies in the zone of 855 to 860. Support for the commodity lies in the zone of 835 to 845 from where the commodity broke out of November-2017 highs. If the commodity manages to close below these levels then the commodity can drift to the levels of around 810 to 820 where Fibonacci levels are lying. During the week the commodity manages to hit a low of 822 and close the week around the levels of 834.

Support for the commodity lies in the zone of 810 to 820 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 780 to 790 where the commodity has taken support in the month of January-2018.

Minor resistance for the commodity lies in the zone of 850 to 855. Resistance for the commodity lies in the zone of 870 to 880 where long term Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 900 to 910 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 800 – 810 on downside & 860 – 870 on upside.