Nickel forecast 9 to 13 June 2014
Nickel daily chart technical analysis
Nickel future on last trading session closed at 1111 with loss. On daily chart, nickel is closed below its week and 1-month average and heading towards its 3-month average, clearly suggesting correction phase. For next week, 1080 is major level to watch and will be first support zone on downside below it 1050 will be next support level. On upside 1140 and 1160 are strong resistances. 1140 is 1 week and 1 month average levels and will remain as major supply point on chart. As indicators pattern are bearish we may see fresh bearish breakout below 3-month average in next week.
Nickel weekly chart technical analysis
Nickel future this week closed with loss of 2.5%. This was second losing week for nickel. This week nickel future hit high at 1160 while low as at 1094. Total 66-rupee weekly range or 6% volatility and closed with loss. On downside averages support are way down. 1020 is 6-month average level and first support and 960 is 12-month average and next support level for nickel. On upside 1140 and 1210 are strong resistances. Weekly chart indicators pattern are bearish and suggesting downside for nickel in upcoming weeks. Investors here must book the profits and wait for correction to get over.