Nickel forecast 31 March to 4 April 2014
Nickel daily chart technical analysis
Mcx nickel on last trading session closed at 944 with loss. On daily chart, nickel future trend is bullish but momentum is bearish. Nickel future is trading below week and month average and heading towards its 3-month average.
This week for nickel out of 5 sessions 4 was negative one and only one was positive. For next week, nickel support zones are 918 and 880. 918 is its 3-month average while 880 was previous bottom. On upside 950 is 1 month average and first resistance and 956 is week average and next resistance level.
Daily chart indicators pattern are bearish and suggesting downside for nickel in upcoming days.
Traders below 956 keep short view for targets 918 and then possibly 880 in next week.
Nickel weekly chart technical analysis
Mcx nickel future this week tumbled by 3.5%. This was first negative closing after last 5 weeks straight Bull Run. This week nickel future hit high at 988 while low was at 941. Total 47 rupee or 6% weekly swing for nickel prices and closed with loss because of profit booking.
From medium to long-term view, nickel future support zones are 910 and 880. 910 is 2 years average and 880 is 6 and 12 month average level. On upside 950 and 980 are strong weekly closing basis resistances.
Weekly chart indicators are bullish but this week negative closing brought them off the high. Investors above 910 keep long view for nickel and expect targets 980 to 1020 in upcoming weeks.