EquityPandit’s Outlook for Nickel for the week  (Sep 17, 2018 – Sep 21, 2018) :

NICKEL:

NICKEL closed the week on positive note gaining around 0.50%.

As we have mentioned last week, that resistance 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 above these levels then the commodity can move to the levels of around 950 to 960 where Fibonacci levels and short & medium term moving averages are lying. During the week the commodity manages to hit a high of 913 and close the week around the levels of 893.

Support for the commodity lies in the zone of 870 to 880 from where the commodity broke out in the month of April-2018. If the commodity manages to close below these levels then the commodity can drift to the levels of around 820 to 830 where Fibonacci levels are lying.

Resistance 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 above these levels then the commodity can move to the levels of around 950 to 960 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 860 – 870 on downside & 930 – 940 on upside.