EquityPandit’s Outlook for Nickel for the week  (Feb 18, 2019 – Feb 22, 2019) :

NICKEL:

NICKEL closed the week on negative note losing around 1.60%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 858 and close the week around the levels of 881.

Support for the commodity lies in the zone of 860 to 870 where Fibonacci levels and long term moving averages 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 medium term moving averages are lying.

Minor resistance for the commodity lies in the zone of 890 to 900. 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 840 – 850 on downside & 920 – 930 on upside.