Mcx nickel future weekly technical analysis report for 12 June to 16 June 2017
Mcx nickel future this week closed at 576.7 rupee with gain. Mcx nickel future after last week’s losses given some short covering near 564 levels and hit high of 581 rupees this week.
This week mcx nickel future low was around 565 and high was at 581. Total 16 rupee range and positive closing. Mcx nickel price trend and momentum both are bearish. On downside nickel prices hit low near 564 and hit my given sell target from 581 in month of June. Below 564 next bearish target will be 544 rupee. On upside 581 and then 591 are resistance zones. Below 591, nickel future outlook will remain bearish and trading strategy will be sell on rise.
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.