EquityPandit’s Outlook for Nickel for the week  (Oct 30, 2017 – Nov 03, 2017) :

NICKEL:

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

As we have mentioned last week, that resistance for the commodity lies in the zone of 763 to 768 from where the commodity broke down after consolidation. If the commodity manages to close above these levels then the commodity can move to the levels of around 780 to 785 where Fibonacci levels and top for the month of September-2017 is lying. During the week the commodity manages to hit a high of 782 and close the week around the levels of 750.

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.

Resistance for the commodity lies in the zone of 763 to 768 from where the commodity broke down after consolidation. If the commodity manages to close above these levels then the commodity can move to the levels of around 780 to 785 where Fibonacci levels and top for the month of September-2017 is lying.

Broad range for the commodity in the coming week can be seen between 720 – 725 on downside & 780 – 785 on upside.