EquityPandit’s Outlook for Nickel for the week  (Nov 19, 2018 – Nov 23, 2018) :

NICKEL:

NICKEL closed the week on negative note losing around 1.50%.

As we have mentioned last week, that support for the commodity lies in the zone of 820 to 830 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 800 to 810 where Fibonacci levels are lying. During the week the commodity manages to hit a low of 808 and close the week around the levels of 815.

Support for the commodity lies in the zone of 800 to 810 where long term Fibonacci levels and break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 770 to 780.

Minor resistance for the commodity lies in the zone of 825 to 835. Resistance for the commodity lies in the zone of 850 to 860 from where the commodity broke down from October-2018 low. If the commodity manages to close above these levels then the commodity can move to the levels of around 880 to 890 from where the commodity broke down from September-2018 low and Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 770 – 780 on downside & 850 – 860 on upside.