MCX Nickel Daily chart technical analysis
MCX Nickel future on last session closed at 855.8 with loss. That was its 8th losing session and in these 8 session prices tumbled from 910 to 855, Means 55-rupee drop in very short term. On daily chart, mcx nickel future, trend and momentum both are down and nickel future prices are trading below all short-term averages. For next week, mcx nickel supports zones are 840 and 825 while on upside strong resistances are at 875 and 998. Mcx nickel next week outlook is bearish and expect downside levels up to 825 and below.
MCX Nickel weekly chart technical analysis
MCX Nickel future on this week closed with heady loss of 6%. This week mcx nickel hit high at 910 while low was near 850. Total 60-rupee weekly range and prices turned down from its 2 years average zone. This is very bearish signal and suggesting downtrend resuming. From medium to long-term view, mcx nickel support zones are 840 and 800 rupees. While on upside 880 and 910 are strong resistance levels. 880 is nickel future 12 month average and 910 is its 2 years average zone. If panic continues in global market, expect deep downside below 800 in next 4-8 weeks period.