EquityPandit’s Outlook for Nickel for the week  (Jan 07, 2019 – Jan 11, 2019) :

NICKEL:

NICKEL closed the week on positive note gaining around 4.00%.

As we have mentioned last week, that minor support for the commodity lies in the zone of 725 to 735. Support for the commodity lies in the zone of 700 to 710 where the commodity has taken multiple support in the month of December-2017. If the commodity manages to close below these levels then the commodity can drift to the levels of around 660 to 670. During the week the commodity manages to hit a low of 735 and close the week around the levels of 774.

Minor support for the commodity lies in the zone of 750 to 760. Support for the commodity lies in the zone of 730 to 740 where low for the month of December-2018 and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 700 to 710 where the commodity has taken multiple support in the month of December-2017.

Resistance for the commodity lies in the zone of 790 to 800 where Fibonacci levels and short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 820 to 830 where medium term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 730 – 740 on downside & 800 – 810 on upside.