EquityPandit’s Outlook for Nickel for the week  (May 15, 2017 – May 19, 2017) :

NICKEL:

NICKEL (599.20) closed the week on positive note gaining around 1.60%.

As we have mentioned last week that minor resistance for the commodity lies in the zone of 600 to 605. Resistance for the commodity lies in the zone of 630 to 635 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 medium term moving averages are lying. During the week the commodity manages to hit a high of 605 and close the week around the levels of 599.

Minor support for the commodity lies in the zone of 590 to 593. Support for the commodity lies in the zone of 570 to 580. If the commodity manages to close below these levels then the commodity can drift to the levels of around 540 to 550 where long term trend-line support for the commodity is lying.

Minor resistance for the commodity lies in the zone of 600 to 605. Resistance for the commodity lies in the zone of 630 to 635 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 medium term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 560 – 565 on downside & 620 – 625 on upside.