Nickel daily chart technical analysis
Nickel future on last trading session closed at 902.8 with gain. On daily chart, mcx nickel trend and momentum is strong bullish. Prices had taken support at 3-month average and given bullish breakout. Daily chart indicators pattern are bullish and suggesting rally will continue in next week.
For next week, mcx nickel support zones are 892 and 880 while on upside 918 and 945 are strong resistances as well as targets. Short-term traders above 880 keep buy on dips trading strategy for nickel future. Nickel is showing outperformance in metal pack, which is also bullish sign and reason to buy.
Nickel weekly chart technical analysis
Nickel future this week closed with almost 2% gains. This week nickel low was at 878 while high was at 918. Total 40 rupee or almost 5% swing in week and closed with gains. Nickel future is near long term, breakout and just closed below its 2 years average with positive gains.
On downside, 880 is 12-month average and 870 is 6-month average level. Both will serve as strong support zones from medium to long-term view. On upside 910 and 945 are strong resistances and targets if breakout happens in next week. Weekly chart indicators pattern are strong bullish and suggesting buying demand will continue here in medium terms.