EquityPandit’s Outlook for Nickel for the week  (Nov 26, 2018 – Nov 30, 2018) :

NICKEL:

NICKEL closed the week on negative note losing around 6.40%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 810 and close the week around the levels of 765.

Support for the commodity lies in the zone of 760 to 770 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 700 to 710 where the commodity has taken multiple support in the month of December-2017.

Resistance for the commodity lies in the zone of 780 to 790 from where the commodity broke down. If the commodity manages to close above these levels then the commodity can move to the levels of around 800 to 810 from where the commodity broke down from consolidation and Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 710 – 730 on downside & 800 – 820 on upside.