EquityPandit’s Outlook for Nickel for the week  (Mar 26, 2018 – Mar 28, 2018) :

NICKEL:

NICKEL closed the week on negative note losing around 4.50%.

As we have mentioned last week, that minor support for the commodity lies in the zone of 875 to 880. Support for the commodity lies in the zone of 840 to 850 where Fibonacci levels and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 800 to 810 from where the commodity broke out after consolidation and medium term moving averages are lying. During the week the commodity manages to hit a low of 841 and close the week around the levels of 844.

Support for the commodity lies in the zone of 840 to 850 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 800 to 810 from where the commodity broke out after consolidation, Fibonacci levels and medium term moving averages are lying.

Minor resistance for the commodity lies in the zone of 855 to 865. Resistance for the commodity lies in the zone of 900 to 910 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 930 to 940 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 800 – 810 on downside & 890 – 900 on upside.