EquityPandit’s Outlook for Nickel for the week  (May 14, 2018 – May 18, 2018) :

NICKEL:

NICKEL closed the week on positive note gaining around 1.40%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 945 to 955. Resistance for the commodity lies in the zone of 990 to 1000 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 1050 to 1060. During the week the commodity manages to hit a high of 950 and close the week around the levels of 947.

Minor support for the commodity lies in the zone of 930 to 935. Support for the commodity lies in the zone of 900 to 910 from where the commodity broke out of February-2018 high. 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 are lying.

Minor resistance for the commodity lies in the zone of 945 to 955. Resistance for the commodity lies in the zone of 990 to 1000 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 1050 to 1060.

Broad range for the commodity in the coming week can be seen between 900 – 910 on downside & 990 – 1000 on upside.