Mcx nickel future this week closed at 730.6 rupee with gain. This was third weekly gains for nickel prices and in these 3 weeks we saw move from 654 to 754+ high means 100 rupee rally in less than month. This week nickel future hit high at 754 and low was at 706. Total 48 rupee weekly range and strong positive closing on follow up buying.
Mcx nickel weekly chart price trend and momentum both are strong bullish and we are seeing strong upside rally on weekly chart which started at 565 bottom and heading for 800+ levels and we saw high of 754 this week.
On weekly chart, nickel future given breakout above 50 weeks average at 650 level and now heading higher. On downside 688 is 5 weeks average support, below that 655 and 645 are 50 and 20 weeks averages and major support zones. Mcx nickel weekly chart RSI is at 66 with buy signal and bullish divergence. MACD is above zero with bullish crossover and divergences and given buy signal around 577 rupee on weekly chart.
For month of august, mcx nickel future opened strong and trending higher. On downside 632 was major support and above this mcx nickel future outlook will remain bullish and buy on dips. On upside my positional targets were 691 and then 723 rupees. Both the targets are achieved by nickel and entered into super bullish trend for my next targets 782 and 814 rupee and we saw high of 754+ this week.
Mcx nickel daily chart price trend and momentum both are strong bullish. Prices are trending higher with higher tops and bottom cycle and trading way above short term averages. On downside 730 is nickel 5 days average level, below it 693 is 20 days average level and 655 is 50 days average level and strong support zone. Nickel daily chart RSI level is 68 but off the high while MACD is above zero with strong buy signal given at 564 rupee level.
From long term view, mcx nickel future given breakdown at 678 rupee levels and since then sell off made prices to fall towards support of 535 rupees. And on chart 560 is bottom and prices were heading towards 678 rupee to test them. Then we saw breakout above 678 which was long term bullish trend breakout for nickel prices and now above 678, nickel will remain buy and accumulate for long term investors for my 2017 investment targets of 836 and then 980 rupees.
In last 7 months, mcx nickel future given 3 negative closing while 4 are positive ones and on monthly chart, look like nickel bottomed out from long term view hit 678 target and now heading for 836 rupee next investment target.