MCX Nickel daily chart analysis
MCX nickel future last closing price was 878 with gain. On daily chart, nickel future given breakout above its 3-month average and closed just above it. On downside, 875-860 and 830 are short-term support zones. Any daily closing below 875 means downtrend again. On upside expect short-term support zones at 898 and 916 both are important on daily closing basis. Daily chart indicators are with bullish divergences so suggesting rally may continue in next week.
Short-term traders, above 875 keep long view for upside targets of 898 and above.
MCX Nickel weekly chart analysis
MCX nickel future this week closed with almost 3% gains. On weekly chart, showing recovery from low but trend is still down. this week positive closing showing some bullish movement on indicators but nickel is high volatile and most of the time unpredictable so no confirmation of trend reversal yet. Still trading below its 12 and 24 month averages.
From medium term view, 890 and 910 will be strong resistance zone and important on weekly closing basis. On downside 860 and 830 are support zone and important on weekly closing basis.
Swing traders below 910 must stay way or keep short on rise view for mcx nickel future. We may see 850-800 levels again in upcoming weeks.