Nickel future daily chart technical analysis
Nickel future on Friday closed at 805 with gain. Nickel future is in strong recovery phase and we saw nickel price from low of 735 hit 762 recovery target then 788 rupee first bullish swing target and now moving towards 830 rupees next swing target. If gives breakout above 830 then expect super bullish trend and targets of 858 and 900 rupees. On downside 790 and 780 are strong support zones for nickel prices in short terms.
Nickel future weekly chart technical analysis
Mcx Nickel future this week closed with huge gains. This was second weekly gains for nickel prices and in these 2 weeks we saw recovery from low of 735 rupee to high up to 810 rupees. On weekly chart nickel price trend is down but momentum is on recovery side which might continue ahead. Here prices are recovering towards 865 rupee resistance level so that will be target zone for this recovery move. On downside 780 and 750 rupees will act as temporary support zones. If gives breakout above 765 on weekly closing basis then expect 990 rupee investment targets.
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