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

NICKEL:

NICKEL closed the week on negative note losing around 3.70%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 838 and close the week around the levels of 789.

Support for the commodity lies in the zone of 780 to 790 from where the commodity broke out of September-2017 and October-2017 highs. If the commodity manages to close below these levels then the commodity can drift to the levels of around 745 to 750 where Fibonacci levels and short term moving averages are lying.

Resistance for the commodity lies in the zone of 800 to 810 where long term Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 835 to 840 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 750 – 760 on downside & 830 – 840 on upside.