Mcx nickel future weekly technical analysis report for 15 to 19 may 2017
Mcx nickel future this week closed at 598 rupee with gain. After last week’s strong sell off and achieving my given target of 575 rupee, nickel prices seen some value buying as well as short covering towards lows. On daily chart, mcx nickel future price trend and momentum both are down. On upside 605, 615 and then 624 are strong resistance zones on chart while on downside 575 and then 540 are major support zones as well as target levels for mcx nickel prices. From long term view,future given breakdown at 678 rupee levels and since then continually falling towards support as well as long term target of 535 rupees. Below 535 next support as well as mcx nickel long term bearish target will be 380 rupees.