Mcx nickel achieved 695 target next support 626

Mcx nickel intraday outlook for 26 December 2016

Mcx nickel intraday outlook for 26 December 2016

Mcx nickel future is trading at 690 with loss. Opened gap down at 701 and faced continues selling in intraday. My downside swing target was at 695 which got achieved and then we saw intraday swing low near 677.   Below 695, mcx nickel will remain sell and expect deep downside positional target around 626. Expect panic selling and continues fall at bottom. Overall commodity market volatility will remain high on dollar index fluctuation and thin volume market.   Mcx nickel below 702 from long term view, entered bearish market and heading towards long term support of 415 rupee which is also target zone if gives monthly closing below 702.   Mcx nickel intraday resistance zones are 706 and 735. On downside 690 and 654 are support zones as well as target zones for intraday sellers.

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Pramod Baviskar

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