mcx nickel july future intraday analysis

mcx nickel july future intraday chart technical analysis on 30 june 2015

Mcx nickel July future is trading at 740 rupee down by almost 2.5%. Here nickel June future achieved my given target 820. While July future is heading towards it. On intraday chart, nickel hit intraday high around 756 while low was at 724. Currently trading off the low with 25,332 traded volume.
For intraday, mcx nickel July future support zones are 728 and 720 while on upside 742 and 756 are strong resistances. Risky traders can go long near 720 with stop loss below 710 for target 740 and above. While for positional traders with medium term view, keep accumulating nickel future below 720 with risk based stop loss and expect short covering as well as value buying rally up to 780.
Daily, weekly and monthly chart signals are very bearish as well as nickel prices are touching historic lows so for investors it is best buying opportunity.

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Pramod Baviskar

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