Nickel Trend analysis 26 to 30 May 2014
Nickel daily chart technical analysis
Nickel future on last trading session closed at 1141 with loss. On daily chart, Nickel future price trend and momentum both are bullish. Nickel is trading above month and 3-month average with mixed indicator patterns. For next week, nickel has supports at 1130 and 1060. 1130 is 1-month average and 1060 is 3-month average. On upside 1180 and 1240 are strong resistances.
Traders above 1130 keep buying view for nickel future and expect targets of 1180 and then 1240 in next week.
Nickel weekly chart technical analysis
Nickel future this week closed with gain of 2.15%. On weekly chart, nickel is still trading way above major averages with strong bullish trend and momentum. This week nickel future made high at 1185 while low was at 1124. Total 60-rupee range or 5% volatility in week and closed with gain. From medium to long-term view, 1100 and 1050 are strong support zones while on upside 1180 and 1260 are strong resistances. Weekly chart indicators are bullish but still hovering in overbought zone.
Investors with trailing stop loss below 1100 rupee keep accumulation view on nickel future for target 1180 and then 1260 in upcoming weeks.