Mcx nickel future this week closed at 774 rupee with gain. This was fourth weekly gains for nickel prices and in these 4 weeks we saw move from 654 to 776 high means 120 rupee rally in 1 month. This week nickel future hit high at 776 and low was at 724. Total 52 rupee weekly move from low and strong positive closing on follow up buying as well as short covering.
Mcx nickel weekly chart price trend and momentum both are strong bullish and we are seeing strong upside rally on weekly chart which started at 565 bottom and heading for long term target level of 838 rupee and we saw high of 776 this week.
On weekly chart, nickel future given breakout above all short term averages. On downside 716 rupee is 5 weeks average level below that 658 is 20 and 50 weeks average level. Mcx nickel weekly chart RSI is at 71 with buy signal and bullish divergence. MACD is at 17 with bullish crossover and divergences and given buy signal around 577 rupee on weekly chart.
For month of September, mcx nickel future opened strong and given 22 rupee rally on first day of month and closed strong. On chart, mcx nickel major support is around 718 rupee and above this September outlook will remain bullish for targets 788 and then 827 rupees.
Mcx nickel daily chart price trend and momentum both are strong bullish. Prices are trending higher with higher tops and bottom cycle and trading way above short term averages. On downside 753 is nickel 5 days average level, below it 716 is 20 days average level and 672 is 50 days average level and strong support zone for bullish uptrend. Nickel daily chart RSI level is 75 and entered overbought zone with fresh rally signal while MACD is at 30 with strong buy signal given at 564 rupee level.
From long term view, mcx nickel future given breakdown at 678 rupee levels and since then sell off made prices to fall towards support of 535 rupees. And on chart 560 is bottom and prices were heading towards 678 rupee to test them. Then we saw breakout above 678 which was long term bullish trend breakout for nickel prices and now above 678, nickel will remain buy and accumulate for long term investors for my 2017 investment targets of 836 and then 980 rupees. And in last trading session we saw high 776 rupee. In month of august, nickel prices rallied from low of 647 to high of 757.
In last 7 months, mcx nickel future given 3 negative closing while 4 are positive ones and on monthly chart, look like nickel bottomed out from long term view hit 678 target and now heading for 836 rupee next investment target.