EquityPandit’s Outlook for Nickel for the week  (Sep 18, 2017 – Sep 22, 2017) :

NICKEL:

NICKEL (710.60) closed the week on negative note losing around 3.20%.

As we have mentioned last week, that support for the commodity lies in the zone of 750 to 755 where break out levels for the commodity is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 720 to 725 where Fibonacci levels are lying. During the week the commodity manages to hit a low of 693 and close the week around the levels of 711.

Support for the commodity lies in the zone of 700 to 705 where break out levels and Fibonacci levels for the commodity is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 680 to 685 where Fibonacci levels and short term moving averages are lying.

Resistance for the commodity lies in the zone of 723 to 728 from where the commodity has broken down from H&S pattern and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 745 to 750.

Broad range for the commodity in the coming week can be seen between 680 – 685 on downside & 745 – 750 on upside.