MCX NICKEL AUGUST EXPIRY TECHNICAL CALL UPDATE
Mcx nickel future in trading at 690 with gain and hit today intraday high at 693 rupee. Hit our given swing target of 691 rupees. In last 7 trading session mcx nickel prices rallied from 647 low to high over 693 Almost 46 rupee rally in 7 days means almost 7% price appreciation for investors and 11,500 rupee per lot profit for traders.
Mcx nickel future achieved my given august expiry first swing target of 691 in 7 trading session and now trading at 690 rupee with gain. We saw bullish opening for month of august above 632 rupee, then made low at 647 rupee and since then trending higher and hit our first bullish swing target of 691 rupee. Next target zone will be 723 rupee if gives breakout above and sustain above 691 rupees.
Mcx nickel future on daily chart price trend and momentum are bullish and seeing buying on every major dips. Nickel daily chart, RSI is at 79 and heading higher in overbought position. MACD is with buy signal given at 564 rupee and trending higher with bullish crossovers and divergences.
Mcx nickel future on weekly chart, given fresh breakout above 678 rupee resistance and entered into long term bullish trend. Mcx nickel future opened strong in 2017 and recorded high of 745 rupee. But then after profit booking made pressure on prices and nickel prices recorded low of 558 rupee in June 2017 while on downside long term support was around 535 and taken support just above it. Now reversal rally broke out above 678 rupee and heading for 750 and 835 rupee investment target zones. Nickel weekly chart RSI is at 60 with bullish divergence and given buy signal at 577 rupees. While MACD is with buy signal given at 573 levels with bullish crossovers and divergence.