Nickel future daily chart technical analysis
Nickel future on Friday closed at 258.9 with loss. Nickel future is in absolute downtrend and we saw bounce back up to 795 but failed to cross 801 resistance which resulted in sell off and nickel made fresh low around 754 rupees. Below 801 nickel will remain weak and sell on rise while on downside 725 and then 670 rupees are major support zones as well as target levels for this downtrend. Daily chart indicators are bearish but oversold so stay cautious for bounce back moves.
Nickel future weekly chart technical analysis
Mcx Nickel future this week closed with loss. After last 3 weeks gains we saw downtrend kicked in this week and nickel is back to previous lows. Here nickel is in long term correction and prices are retracing towards 730 rupee support zone. If slips below 730 then expect sharp selling and levels up to 620 rupees in longer terms.
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