Mcx nickel future today is trading at 711 with loss. This week we saw sharp profit booking in base metals and nickel came down significantly from the highs. This week nickel hit high around 764 while trading at week low of 710 rupee on last day of week. In last 2 weeks nickel prices tumbled from high of 786 to low of 710 rupee.
For September nickel future opened strong and my targets were 788 and then 827 and we almost saw nickel future almost hit 788 with high of 786 rupee but failed to cross which resulted in sell off also profit booking on news flow also triggered and now nickel tested 718 rupee and today broke down below it and hit low of 710 rupee.
Below 718 rupee nickel entered downtrend for September series and will head lower towards bearish targets of 680 and then possibly 610 rupee if sustain below 618 rupee.
Mcx nickel daily chart shows prices are now below 5 and 20 days average level of 737 rupee and heading lower towards 697 rupee which is 50 days average level. Daily chart RSI is at 47 with fresh sell signal and MACD is with bearish divergence and with sell signal given at 782 rupee level.