EquityPandit’s Outlook for Nickel for the week  (July 16, 2018 – July 20, 2018) :

NICKEL:

NICKEL closed the week on negative note losing around 0.60%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 934 and close the week around the levels of 953.

Support for the commodity lies in the zone of 920 to 930 from where the commodity broke out of February-2018 high. If the commodity manages to close below these levels then the commodity can drift to the levels of around 900 to 910 where Fibonacci levels are lying.

Minor resistance for the commodity lies in the zone of 960 to 970. 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 900 – 910 on downside & 980 – 990 on upside.