Nickel weekly outlook 2 to 6 June 2014
Nickel daily chart technical analysis
Mcx nickel future on last trading session closed at 1139 with gain. On daily chart, nickel future price trend and momentum both are bullish. Nickel after dip below month average recovered on sharp short covering and closed above short term averages. A clear reversal signals on was seen on indicators. On chart, nickel has support around 1080 and then 1000 rupees. 1080 is its 3-month average level and major short-term bull trend support. On upside 1160 and 1200 rupees are strong resistances. Traders above 1080 rupee keep buy on dips view for targets 1160 and above in next week.
Nickel weekly chart technical analysis
Mcx nickel future this week closed with loss. This week nickel future hit high at 1170 while low was at 1104. Total 65-rupee range or 6% volatile swing in prices and finally closed with loss. Nickel future weekly chart price trend and momentum both are bullish. Nickel is still trading way above major medium to long-term averages suggesting intact underlying demand pressure. On downside, 1100 rupee and 1010 rupee are support zones for nickel future while on upside 1180a and 1240 are strong resistances. Weekly chart indicators pattern are bearish so investors with trailing stop loss of 1100 rupee keep long positions open for targets 1180 and then 1240.