EquityPandit’s Outlook for Nickel for the week  (Jan 29, 2018 – Feb 02, 2018) :

NICKEL:

NICKEL closed the week on positive note gaining around 7.50%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 815 to 820 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 835 to 840 where the commodity has formed a top in the month of November-2017. During the week the commodity manages to hit a high of 881 and close the week around the levels of 868.

Support for the commodity lies in the zone of 835 to 845 from where the commodity broke out of November-2017 highs. If the commodity manages to close below these levels then the commodity can drift to the levels of around 810 to 820 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 870 to 880 where long term Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 900 to 910 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 830 – 840 on downside & 890 – 900 on upside.