EquityPandit’s Outlook for Nickel for the week (February 20, 2017 – February 24, 2017) :

NICKEL:

NICKEL (739.70) closed the week with a positive note gaining around 4.10%.

As we have mentioned last week that minor resistance for the commodity lies in the zone of 715 to 718. Resistance for the commodity lies in the zone of 725 to 730 where Fibonacci level and highs for the month of January-2017 is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 748 to 750 where Fibonacci level is lying. During the week the commodity manages to hit a high of 740 and close the week around the levels of 740.

Support for the commodity lies in the zone of around 722 to 725 from where the commodity broke out of January-2017 highs and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 705 to 710 from where the commodity broke out on intraday basis and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 748 to 750 where Fibonacci level and the commodity broke down from multiple support zone. If the commodity manages to close above these levels then the commodity can move to the levels of 765 to 770 from where the commodity broke down on weekly basis.

Broad range for the commodity in the coming week can be seen between 710 – 720 on downside and 760 – 765 on upside.