Nickel future daily chart technical analysis
Nickel future on Friday closed at 790 with gains. Nickel future is in downtrend but formed bottom around 760 and now bouncing back towards 802 resistance zone. Above 802 expect uptrend and bullish targets of 850 and then possibly 930 rupees. Mcx nickel daily chart indicators and oscillators are with bullish signals. If nickel prices fails to cross 802 level then expect sharp sell off up to 723 rupees.
Nickel future weekly chart technical analysis
Mcx Nickel future this week closed with gain. This was third gaining week for nickel prices. In these 3 weeks we saw nickel prices recovered from low of 751 to highs of 804 rupees. Nickel prices now hovering around 5 weeks averages and ready to recover. Look like nickel taken long term support just above 730 levels and now heading towards 902 resistance zone on weekly chart. On weekly chart nickel is deeply oversold and ready to bounce back.
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