Mcx nickel future this week closed at 693 rupee with gain. This was second weekly gain for nickel prices and in these 2 weeks we saw move from 665 to 708, total 43 rupee gain. This week nickel future hit high near 708 and low was at 683. Total 25 rupee weekly range and uptrend continuation after correction.
Mcx nickel weekly chart price trend is still bullish and now momentum is building towards long side on fresh buying on lower levels. On weekly chart, nickel future is trading just below 5 weeks average of 700 rupee and on downside 674 is 20 weeks average and 666 is 50 weeks average level and major long term support zones. Mcx nickel weekly chart RSI is at 54 with early rally continuation signal. MACD is at 17 with bullish crossover and divergences and given buy signal around 577 rupee on weekly chart.
For month of October, mcx nickel future opened weak below 714 major level and hit low of near 683 rupee and now recovering towards 714, we already saw high of 708 in this week. Daily chart indicators suggesting bottomed out pattern and big rally ahead so keep buy and accumulate view with stop loss and expect bullish trend breakout above 714 for swing targets 762 and then 835.