EquityPandit’s Outlook for Nickel for the week  (Mar 05, 2019 – Mar 08, 2019) :

NICKEL:

NICKEL closed the week on positive note gaining around 1.90%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 910 to 920 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 950 to 960 where Fibonacci levels and high for the month of October-2018 are lying. During the week the commodity manages to hit a high of 950 and close the week around the levels of 935.

Minor support for the commodity lies in the zone of 920 to 925. Support for the commodity lies in the zone of 900 to 910 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 860 to 870 where Fibonacci levels and long term moving averages are lying.

Resistance for the commodity lies in the zone of 950 to 960 where Fibonacci levels and high for the month of October-2018 & February-2019 are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 980 to 990 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 890 – 900 on downside & 980 – 990 on upside.