EquityPandit’s Outlook for Nickel for the week  (Oct 29, 2018 – Nov 02, 2018) :

NICKEL:

NICKEL closed the week on negative note losing around 5.50%.

As we have mentioned last week, that support for the commodity lies in the zone of 900 to 910 where Fibonacci levels and long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 870 to 880 from where the commodity broke out in the month of April-2018. During the week the commodity manages to hit a low of 861 and close the week around the levels of 865.

Support for the commodity lies in the zone of 840 to 850 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 820 to 830 where long term Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 880 to 890 from where the commodity broke down from September-2018 low and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 900 to 910 where Fibonacci levels and long term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 820 – 830 on downside & 910 – 920 on upside.