Nickel forecast for week 21 to 25 April
Nickel daily chart technical analysis
Nickel future on last trading session closed at 1083 with gain. Daily chart, nickel price trend and momentum both are bullish. Nickel is trading way above short term average with bullish but overbought indicators on daily chart.
From short term view, nickel support zones are 1010, which is 1 month average and 955 is 3 month average. On upside 1120 and 1150 are strong resistances and targets in current scenario.
Daily chart RSI is 75, overbought while CCI is +205, and overbought. Here upside will be limited and downside is wide so follow sell on rise strategy but with strict stop loss.
Nickel weekly chart technical analysis
Nickel future this week closed with gains of 2.59%. This was third week of gains for nickel future and in these 3 weeks nickel prices rallied from 940 to 1090. This week nickel future hit high at 1092 while low was at 1033. Total 60 rupee or 6% weekly swing and closed with gain. From medium to long term view, major averages are way down around 930 zones but in between 980 and 1040 are support zones. On upside 1120 and 1150 are resistance levels.
Weekly chart RSI is 65 and with bullish divergence while CCI is +278 and heavily overbought.
Investors here keep profit booking on every upside strategy as upside is limited and correction is expected ahead.