Nickel future technical analysis for 19 to 23 November 2018.
Nickel future daily chart technical analysis
Nickel future on Friday closed at 816.7 with gains. Nickel future is in absolute downtrend and on daily chart we saw breakdown below major averages around 920 level and nickel already recorded low of 807. Means almost lost 110 rupee or 12% after breakdown. Prices trading way below averages with bearish price and indicators pattern suggesting downside still left for this commodity.
For month of November, my nickel targets were on sell side and those were 824 and then 785, out of which 824 is done and now prices inching towards 785 rupee level.
Nickel future weekly chart technical analysis
Mcx Nickel future this week closed at 816.7 with loss. On weekly chat, Nickel future is in downtrend and trading below averages. This week we saw high around 838 and low was around 807 means 31 rupee range and another weak closing for nickel prices.
From long term view, mcx Nickel is in corrective phase. In Bull Run we saw nickel future achieved 905 and 1015 targets and now correcting towards support zone of 730 rupees. Below 905 on weekly closing basis expect targets of 730 rupee in longer terms.
Mcx Nickel future Weekly chart stochastic indicators is in oversold zones with bearish crossovers. While MACD is below zero with absolute sell signal.
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