EquityPandit’s Outlook for Nickel for the week  (June 19, 2017 – June 23, 2017) :

NICKEL:

NICKEL (574.70) closed the week on negative note losing around 0.30%.

As we have mentioned last week that support for the commodity lies in the zone of 575 to 580 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 559 and close the week around the levels of 575.

Minor support for the commodity lies in the zone of 567 to 569. 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.

Minor resistance for the commodity lies in the zone of 581 to 583. 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 555 – 560 on downside & 590 – 595 on upside.