EquityPandit’s Outlook for Nickel for the week  (May 01, 2017 – May 05, 2017) :

NICKEL:

NICKEL (608.90) closed the week on positive note gaining around 0.70%.

As we have mentioned last week that support for the commodity lies in the zone of 600 to 605 from where the commodity broke out on weekly basis. If the commodity manages to close below these levels then the commodity can drift to the levels of around 570 to 580. During the week the commodity manages to hit a low of 587 and close the week around the levels of 609.

Support for the commodity lies in the zone of 600 to 605 from where the commodity broke out on weekly basis. If the commodity manages to close below these levels then the commodity can drift to the levels of around 570 to 580.

Minor resistance for the commodity lies in the zone of 615 to 620. Resistance for the commodity lies in the zone of 635 to 640 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 675 to 680 where Fibonacci levels and short term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 580 – 585 on downside & 630 – 635 on upside.