Nickel weekly outlook 7 to 11 April 2014
Nickel daily chart technical analysis
MCX NICKEL on last trading session closed at 984 with loss. On daily chart nickel, future trend and momentum both are bullish. Prices are trading above major averages with bullish patterns on indicators.
For next week, nickel future support zones are 960 and 924. 960 is 1 month average and 924 is 3-month average level on upside 995 and 1020 are resistances for nickel as well as targets if trend persist.
On indicators and oscillators, RSI is 63 and off the highs while CCI is +138 and with bullish divergence.
Traders below 995 keep bearish view for correction up to major supports. As RSI is with corrective pattern, we may see some profit booking in next week.
Nickel weekly chart technical analysis
MCX NICKEL this week closed with almost 5% gains and a bullish engulfing pattern is developed on weekly chart. This week nickel hit high at 1001 while low was at 943. Total 58 rupee or 6.5% weekly range and closed with huge gains. Weekly chart price trend and momentum both are strong bullish.
From medium to long-term view, 915 is first support and its 2 years average zone below it 895 is second support and its 1 2month average level. On upside 1040 and 1080 are strong resistances and target levels if trend persist.
On indicators and oscillators, RSI is 58 with bullish divergence. CCI is +135 and heading towards +200 levels.
Investors above 900 levels keep buy on dips view for targets 1040 and 1080.