EquityPandit’s Outlook for Nickel for the week  (July 31, 2017 – Aug 04, 2017) :

NICKEL:

NICKEL (656.90) closed the week on positive note gaining around 7.10%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 625 to 630 from where the commodity broke down on weekly charts. If the commodity manages to close above these levels then the commodity can move to the levels of around 640 to 645. During the week the commodity manages to hit a high of 658 and close the week around the levels of 657.

Minor support for the commodity lies in the zone of 645 to 650. Support for the commodity lies in the zone of 625 to 630 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 605 to 610 where break out levels and medium term moving averages are lying.

Resistance for the commodity lies in the zone of 665 to 670 where 200 daily moving averages and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 680 to 685 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 620 – 625 on downside & 680 – 685 on upside.