EquityPandit’s Outlook for Nickel for the week (March 13, 2017 – March 17, 2017) :

NICKEL:

NICKEL (660.50) closed the week on a negative note losing around 10.20%.

As we have mentioned last week that minor resistance for the commodity lies in the zone of 738 to 740. Resistance for the commodity lies in the zone of 748 to 750 where Fibonacci level and the commodity broke down from multiple support zone. If the commodity manages to close above these levels then the commodity can move to the levels of 765 to 770 from where the commodity broke down on weekly basis. During the week the commodity manages to hit a high of 740 and close the week around the levels of 660.50.

Minor support for the commodity lies in the zone of 650 to 655. Support for the commodity lies in the zone of 635 to 640 where the commodity has formed a bottom in the month of January-2017. If the commodity manages to close below these levels then the commodity can witness a free fall to the levels of around 600.

Minor resistance for the commodity lies in the zone of 670 to 675. Resistance for the commodity lies in the zone of 680 to 685 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 695 to 700 where 200 Daily SMA is lying.

Broad range for the commodity in the coming week can be seen between 600 – 610 on downside & 700 – 710 on upside.