mcx nickel weekly analysis report for 19 to 23 sep 2016

MCX.NICKEL - OHLC Six Months_1w 2016-09-18 114436 Mcx nickel future this week closed with heavy loss. This week nickel hit high around 691 and closed near week low of 642. Total almost 50 rupee weekly downside range and fresh breakdown below major weekly averages.   Nickel weekly price trend and momentum both are down. On upside 662 and 675 are major weekly averages and strong resistance zones on weekly chart. On downside 630 and 598 are strong support zones as well as target level if trend continues. Nickel weekly chart indicators and oscillators are with sell signal.   Mcx nickel tried to breakout above 681 level with high near 695. But failed to do so that why we saw strong sell off up to 640 level. On downside 630 and 598 are support zones as well as target levels but prices are oversold so expect shorting covering rallies in short to medium term. I suggesting to buy and accumulate in mcx nickel with stoploss.   For mcx commodity tips on your mobile with support and follow ups visit our subscription section to join us now.

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Pramod Baviskar

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