EquityPandit’s Outlook for Nickel for the week  (Sep 03, 2018 – Sep 07, 2018) :

NICKEL:

NICKEL closed the week on negative note losing around 3.10%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 950 to 960 where Fibonacci levels and short & medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 980 to 990 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 956 and close the week around the levels of 909.

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.

Minor resistance for the commodity lies around 920 to 930. Resistance for the commodity lies in the zone of 950 to 960 where Fibonacci levels and short & medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 980 to 990 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 870 – 880 on downside & 950 – 960 on upside.