Mcx nickel future last closed at 555.7. After last month’s losses nickel prices showing some buying from lower levels and trading with gains for April series. Nickel future daily chart, price trend is down but indicators are at oversold state so expect sharp short covering as well as buying rally ahead. 547 and 536 are support levels. 580 and 599 are resistances as well as target zones on trend reversal. Nickel weekly chart price trend and momentum both are down. 539 and 490 are support levels. On upside 600 and 622 are resistances as well as target zones on reversal. Nickel monthly chart price trend and momentum both are down. Watch 580 level on monthly closing basis, above it fresh long term bullish cycle will start. Long term targets are 850 to 900+. For April series,future below 580 will remain bearish. On downside 520 and 490 are support levels. Risky traders can follow buy and accumulate view for targets 580 and then 610.
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