Mcx nickel weekly- recovering towards 623 rupee target

Mcx nickel future weekly technical analysis report for 22 to 26 may 2017

Mcx nickel future weekly technical analysis report for 22 to 26 may 2017

Mcx nickel future this week closed at 603 rupee with gain. Last week’s recovery rally is continues and nickel prices are heading towards 623 resistance zone.   On daily chart, mcx nickel future price trend is down but momentum is on recovery side. On upside 615 and then 630 are strong resistance zones as well as target zones for this short covering rally. On downside 600 and 585 are support zones as well as buying levels.   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. Below 535 next support as well as mcx nickel long term bearish target will be 380 rupees.

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