Nickel weekly-remain sell for targets 747 and 722

Mcx nickel outlook for next week 12 to 16 Dec. 2016

Mcx nickel outlook for next week 12 to 16 Dec. 2016

Mcx nickel future this week closed at 773.2 with loss. This was second losing week for nickel future and in these 2 weeks we saw high of 821 and low of 748. Total 73 rupee or 9% drop from high. Mcx nickel price trend is bullish but momentum is weak and expecting breakdown in this week. For next week, below 775, mcx nickel future remain weak and sell for targets 747 and then 722 rupee.   From month view, mcx nickel future failed to hold uptrend and corrected up to support of 758 rupee. This week closed above 758 but price patterns as well as indicators are still bearish. Below 758, expect strong sell off in this commodity on margin calls and expect deep downside up to 695 rupees. Base metal traders keep sell on rise view for mcx nickel and expect 695 as downside target for December series.

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Pramod Baviskar

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