mcx nickel price forecast for 6 to 10 may 2013

mcx nickel price daily chart forecast

mcx nickel future last closed at 814 flat negative.on daily chart mcx nickel trend and momentum both down.now trading just above weekly average of 810 which is immediate support on downside below that 780 bottom remain next support zone.on upside 830 is month average and first resistance while 880 is 3 month average and last resistance level from short term view.on indicators side,mcx nickel daily cci level is –74 and off the lows while daily rsi is 38 and of the lows and oversold zones.

mcx nickel price weekly chart forecast

mcx nickel future this week closed with 1.22% drop.this week mcx nickel future made high at 835 while low was 787.on weekly chart trend and momentum is down fro nickel prices.on chart all major long term averages are 900-950 zones so way above while 850 will be immediate resistance on chart of last top.on downside currency bottom of 780 is last support.

on indicators side ,mcx nickel future weekly cci level is –194 and still deeply oversold and bearish.while nickel weekly rsi level is 38 and still with sell signal.

mcx nickel price forecast for 6 to 10 may 2013

for next week,below 830 hold sell on rise view and downside 780-760 remain as short term target zones.always sell near resistance zone with strict stoploss and resumption rallies gives large profit while risk remain low.

from medium to long term view may show technical bounce back rally after consolidation but on downside 760 to 700 levels targets still intact as prices now showing recovery in oversold zones?

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Pramod Baviskar

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