MCX Nickel daily chart technical analysis
MCX Nickel on last trading session closed at 966 with loss. On daily chart, nickel prices trend and momentum both are strong bullish, but indicators are in overbought zones so expect correction in this week.
On daily chart, nickel 1 month average is at 924 and below that 900 will be 3-month average. Both will be strong support zones for next week. On upside 980 and 1020 will be resistance zones and targets after correction. Short-term traders keep long view and buy near supports with strict stop loss for better risk reward. Nickel future outperformance may continue for short time.
MCX Nickel weekly chart technical analysis
MCX Nickel future this week closed with almost 4% gains. This week nickel future hit high at 978 while low was at 910. Total 68 rupees price range or almost 7% weekly volatility and closed with gains. This was forth week of gains for nickel prices and in these 4 weeks period we had seen 110 rupee or 13% plus rally in prices suggesting its own bull run.
On weekly chart, 910 is nickel 2 years average level while 880 is 6 and 12-month average zone. Both will be strong medium to long term support zones while on upside 980 and 1040 will be resistances as well as long term targets if trend continues. Weekly chart indicators are also near overbought zones so expect correction and consolidation and then primary trend will resume.