EquityPandit’s Outlook for Nickel for the week  (July 09, 2018 – July 13, 2018) :

NICKEL:

NICKEL closed the week on negative note losing around 6.20%.

As we have mentioned last week, that minor support for the commodity lies in the zone of 1010 to 1020. Support for the commodity lies in the zone of 990 to 1000 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 970 to 980 where Fibonacci levels and short term moving averages are lying. During the week the commodity manages to hit a low of 954 and close the week around the levels of 960.

Support for the commodity lies in the zone of 950 to 960 where Fibonacci levels and medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 920 to 930 from where the commodity broke out of February-2018 high.

Resistance for the commodity lies in the zone of 980 to 990 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 1010 to 1020 from where the commodity has broken down.

Broad range for the commodity in the coming week can be seen between 920 – 930 on downside & 1000 – 1010 on upside.