EquityPandit’s Outlook for Nickel for the week  ( Jan 01, 2018 – Jan 05, 2018) :

NICKEL:

NICKEL closed the week on positive note gaining around 1.70%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 775 to 780 from where the commodity has broken down. If the commodity manages to close above these levels then the commodity can move to the levels of around 810 to 815. During the week the commodity manages to hit a high of 792 and close the week around the levels of 783.

Support for the commodity lies in the zone of 755 to 760 where break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 740 to 745 where Fibonacci levels and medium term moving averages are lying.

Resistance for the commodity lies in the zone of 780 to 790 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 815 to 820.

Broad range for the commodity in the coming week can be seen between 750 – 760 on downside & 810 – 820 on upside.