Mcx nickel future this week closed at 600.4 with gain. This was a second weekly gain for nickel prices. This week nickel hit a low around 578 while high was at 613. Total 35 rupees or almost 6% weekly range and closed with a gain. In last 2 weeks, period nickel prices rallied from 542 low to high of 613. Total 70+ rupee recovery in very short time.
On the weekly chart, nickel future price trend is still bearish but momentum is on recovery side which might continue in next week. On upside 666 are 20 weeks average level and first target of this recovery move.
For next week, nickel price might see resistances around 630 and 665. On the downside, 580 and 550 are support zones. For traders and investors, these are fresh entry points with stop loss.
Mcx nickel monthly chart suggesting max upside up to 652 if sustain above 570 level.