EquityPandit’s Outlook for Nickel for the week  (Nov 06, 2017 – Nov 10, 2017) :

NICKEL:

NICKEL closed the week on positive note gaining around 9.30%.

As we have mentioned last week, that support for the commodity lies in the zone of 745 to 750 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 725 to 730 where Fibonacci levels and short term moving averages are lying. During the week the commodity manages to hit a low of 742 and close the week around the levels of 820.

Support for the commodity lies in the zone of 800 to 810 where long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 780 to 790 from where the commodity broke out of September-2017 and October-2017 highs.

Resistance for the commodity lies in the zone of 835 to 840 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 865 to 870 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 780 – 790 on downside & 850 – 860 on upside.