EquityPandit’s Outlook for Nickel for the week  (Sep 24, 2018 – Sep 28, 2018) :

NICKEL:

NICKEL closed the week on positive note gaining around 6.80%.

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 are lying. During the week the commodity manages to hit a high of 957 and close the week around the levels of 953.

Minor support for the commodity lies around 930 to 940. 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.

Resistance for the commodity lies in the zone of 960 to 970 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 990 to 1000 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 900 – 910 on downside & 980 – 990 on upside.