mcx nickel weekly technical report for 27 june to 1 july 2016

mcx nickel weekly technical report for 27 june to 1 july 2016
Mcx nickel on this Friday closed at 608.1 with loss. On last session we saw gap down opening on brexit day and closed with intraday recovery. Look like base metals are topped out for short terms.
Mcx nickel future daily chart price trend is at breakdown while momentum already turned bearish on news. Below 611 expect downtrend for nickel prices. On downside 597 and 592 are support zones. On upside 611 and 625 are resistances.
Mcx nickel weekly chart, showing first negative closing for nickel prices after last 3 weeks continues gains. This signaling that nickel might test previous lows. Nickel weekly chart support zones are 598 and 583. On upside 625 and 646 are strong resistances. Watch 583 level for major breakdown for big downside in longer terms.
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