Mcx nickel weekly- heading for 574 target hit low 578 this week

Mcx nickel future weekly technical analysis report for 29
may to 2 June 2017

Mcx nickel future this week closed at 585 rupee with huge
loss. Nickel prices after last 2 weeks strong gains lost all 2 weeks in this
week and hit low at 578 which our bearish target was 574. This week we saw 30
rupee downside rally from high which reflect underlying shorts in this commodity.
For next week, mcx nickel future outlook will remain bearish
and on upside 593 and 600 are strong hurdles as well as shorting zones. On
downside 574 and then 560 are support as well as target zones.

From long term view, mcx nickel future given breakdown at
678 rupee levels and since then continually falling towards support as well as
long term target of 535 rupees. And this week move suggest nickel resumed
downtrend and heading for 535.

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Pramod Baviskar

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