EquityPandit’s Outlook for Nickel for the week  (July 03, 2017 – July 07, 2017) :

NICKEL:

NICKEL (600.60) closed the week on positive note gaining around 2.70%.

As we have mentioned last week that minor support for the commodity lies in the zone of 575 to 578. Support for the commodity lies in the zone of 555 to 560 where the commodity has formed a short term bottom. If the commodity manages to close below these levels then the commodity can drift to the levels of around 540 to 550 where long term trend-line support for the commodity is lying. During the week the commodity manages to hit a low of 578 and close the week around the levels of 600.

Minor support for the commodity lies in the zone of 588 to 592. Support for the commodity lies in the zone of 580 to 583 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 555 to 560 where the commodity has formed a short term bottom.

Resistance for the commodity lies in the zone of 608 to 610 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 625 to 635 from where the commodity broke down on weekly charts.

Broad range for the commodity in the coming week can be seen between 575 – 580 on downside & 620 – 625 on upside.