Nickel daily chart technical analysis
Mcx nickel future on last trading session closed at 936.5 with loss. On daily chart, nickel future price trend and momentum both are strong bullish. On downside 932 is week average, below that 905 is month average and 890 is 3 month average and all these will be support zones for next week. On upside 955 is only short-term resistance for next week. Daily chart indicators are in overbought zone and last negative closing signaling correction ahead.
Traders below 955 can take contra view for downside targets of 905 to 890 in next week. Any daily closing above 955 means another bullish breakout for target 1020.
Nickel weekly chart technical analysis
Mcx nickel future this week closed with almost 4% gains. This week nickel future hit low at 903 while high was at 952. Total almost 50-rupee weekly range or 5% price swing and closed with gains. This was third week of gains for nickel and in these 3 weeks nickel rallied by 80 rupees.
On weekly chart, nickel future given bullish breakout above its 2 years average and closed above it with strong price gain and volume. From medium to long-term view, nickel future support zones are 905 and then 870.
905 is its 2 years average zone while 870 is 6 and 12-month average zone. On upside, 960 and 995 are strong resistances as well as targets for upcoming weeks. Weekly chart indicators patterns are bullish and suggest upside for nickel in upcoming weeks.
Above 905 investors, keep buy on correction view for target 955.