Nickel daily chart technical analysis
MCX Nickel future on last trading session closed at 1118 with loss. On daily chart, nickel future is in strong Bull Run on Ukraine crisis. Rally started at 900 rupee and almost touched 1150-rupee level. From short-term view, nickel future support zones are 1045, which is 1-month average, and 980, which is 3-month average level. On upside top of 1125 is strong resistance for now and then 1160 will be next resistance level. Daily chart indicators are heavily overbought and suggesting correction in next week.
Traders here expect high volatility moves on news flows but correction is due and look like next week nickel may test its averages on downside. Correction also be deep and sharp like this Bull Run.
Nickel weekly chart technical analysis
MCX Nickel future this week closed with 3.25% gain. This was forth gaining week for nickel and in these four-week nickel almost rallied by 200 rupees while breakout was happened at 900 rupees. This week nickel future high was at 1129 while low was at 1074. Total 55 rupees or 5% weekly swing for prices and another positive closing. From medium to long term view, 1040 and 1000 rupee are small support zones on weekly chart while averages supports are around 920 rupees. On upside 1160 and 1200 rupee will be strong supply points. Weekly chart indicators are bullish but in heavily overbought state so expect sharp correction ahead. Investors here must book all profit and wait for deeper correction.