MCX Nickel weekly analysis 17-21 February 2014

MCX Nickel daily chart analysis

Mcx nickel future last closing price was at 880 with loss. On daily chart mcx nickel future trend is up but momentum is losing out after touching high of 900. For next week, mcx nickel future support zones are 875-860 and 840 while on upside expect strong resistances at 898 and 920.

Above 875 on daily closing basis, traders can keep long view here for targets 890 to 920. However, as daily chart indicators formed bearish patterns we may see downside breakout and lower levels up to 860-840 in next week. 840-850 is major support zone and buying opportunity levels for any traders so keep eye for that.

MCX Nickel weekly chart analysis

Mcx nickel future this week closed flat positive. This week nickel hit low at 875 while high was at 897. Total 22 rupee or 3% weekly swing and closed flat. On weekly chart, mcx nickel future, trend and momentum both are down and after bounce back prices once again resuming primary trend.

On chart, mcx nickel medium to long-term supports zones are 860 and then 825 while on upside 888 and then 910 are strong resistance zones. 888 is 12-month average while 910 is 2 years average level for mcx nickel. Weekly chart indicators are off the low and forming bullish divergences.

Swing traders and investors below 910 keep sell on rise view. On downside, we may see 860825 levels once again in upcoming weeks to months.

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Updated: 16/02/2014 — 7:12 PM

The Author

Pramod Baviskar

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