Mcx nickel monthly-remain weak below 591 for target 562 and 544

Nickel future monthly outlook June 2017

Mcx nickel future in month of May closed at 580 with loss.
This was third losing month for nickel prices and in these 3 months prices
tumbled from top of 745 to low of 572. This month nickel future recorded low at
652 while high was around 572. Total 80 rupee or 12% range and closing near low
with bearish outlook.
For month of June 2017, mcx nickel future outlook remain
bearish below 591 level. Daily chart price pattern and indicators are bearish
and suggesting downside for this commodity in June series.
Below 591 my mcx nickel positional sell targets are 562 and
then 544. Expect first bounce back towards 591 and then downside move.
If breakout happens above 591 with strong price action and
on volume then expect strong short covering rallies for targets 608 and 636.
Base metal Commodity traders below 591 keep short with stop
loss above major top of 610 rupees and keep targets at 562 and then 544 for
month of June 2017. 

From long term view, nickel future hit support of 675 and
then with bearish breakdown heading towards 2017 bearish target of 530 rupees.

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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