Nickel future daily chart technical analysis
Nickel future on Friday closed at 775 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 751. Means almost lost 110 rupee or 19% after breakdown. Prices trading way below averages but now formed temporary bottom around 750 and now bouncing back towards 801 resistance level.
For month of December, mcx nickel future below 801 will remain weak and sell for targets 725 to 670 rupees. Current recovery move is heading towards 801. If gives breakout above 801 then go long with stop loss for targets of 850 and then possibly 930 rupees. 801 will remain as make or break level for nickel futures in month of December.
Nickel future weekly chart technical analysis
Mcx Nickel future this week closed at 775 with gain. On weekly chat, Nickel future is in downtrend and trading below averages. This week we saw low around 850 and prices showing some recovery from that low.
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 and we saw low of 751 in November series. Above 730 long term uptrend will remain intact and upside levels up to 900+ can be possible once again. But slips below 730 then expect long term downtrend and lower levels up to 620 and below.
Nickel future monthly chart technical analysis
Mcx Nickel future in month of November given closing with huge loss. That was fifth losing month for nickel prices. In last month we saw high around 881 and low of 751 means 130 or 15% drop from the top. In last 5 months nickel prices tumbled from 1028 highs to 751 rupee low. Means 27% loss from the top and start of bear market for this commodity. On chart 730 is major long term make or break level for this year and investors must watch that level closely.
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