MCX Nickel technical analysis 24 to 28 March 2014

MCX Nickel Technical analysis, forecast, predictions,  price analysis, technical analysis,charts and tips for 24 to 28 March 2014. 

MCX Nickel daily chart technical analysis

Mcx nickel on last trading session closed at 978 with gain. On daily chart, nickel future price trend and momentum both are strong bullish. Prices are trading way above short-term averages with mixed indicators patterns on daily chart.

For next week, nickel support zones are 950 and 910. 950 is its 1-month average and 910 is 3-month average. While on upside 995 and 1020 are strong resistances. RSI is at 65 with bullish divergence and CCI is +174 and off the high.

Traders here wait for correction, as risk reward is not favorable. We may see sharp correction up to 950 to 910 in upcoming days.

MCX Nickel weekly chart technical analysis

Mcx nickel this week closed with 1.2%. This was fifth gaining week for nickel future and in these 5 weeks, we had seen rally from 880 to almost 1000 rupee. This week nickel future hit high at 997 while low was at 961. Almost 40 rupee or 4% plus weekly swing and rally continues.

From medium to long-term view, 950 and 910 are strong support zones. 910 is nickel 2 years average level and major support. On upside 1020 and 1060 are strong resistances and targets if rally continues.

Weekly chart RSI is at 59 and with bullish divergence while CCI is +144 and heading towards overbought zone.

Long investors must cap there profits with strict stop loss of 950 and wait for targets 1020 and then 1060.

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Pramod Baviskar

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