EquityPandit’s Outlook for Nickel for the week (February 27, 2017 – March 03, 2017) :

NICKEL:

NICKEL (723.70) closed the week with a negative note losing around 2.20%.

As we have mentioned last week that 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. During the week the commodity manages to hit a high of 745 and close the week around the levels of 723.70.

Support for the commodity lies in the zone of around 718 to 720 where medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 700 to 705 from where the commodity broke out on intraday basis and Fibonacci levels are lying.

Minor resistance for the commodity lies in the zone of 728 to 730. 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 690 – 695 on downside and 740 – 745 on upside.