Nickel future daily chart technical analysis
Nickel future on Friday closed at 743.5 with loss. 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 735. Means almost lost 185 rupee or 21% after breakdown. Means bear market for this commodity as prices down by 20% plus.
For month of December, mcx nickel future below 762 will remain weak and sell for my month’s targets 720 and then possibly 690 rupees. Nickel prices trading way below major short term averages with bearish and oversold indicators and oscillators.
Nickel future weekly chart technical analysis
Mcx Nickel future this week closed with loss. This was second weekly loss for nickel prices after bounce back. Here also prices are trading way below all long term averages with mixed signals on indicators.
For 2019 with long term view, mcx Nickel is in absolute downtrend and trading at record lows. Here 860 rupees is major resistance zone on weekly chart and below it expect downtrend to remain intact. On downside 630 and then possibly 500 rupees will be my target zones for this commodity in year 2019.
Nickel future monthly chart technical analysis
Mcx Nickel future in month of December closed with loss. This was sixth losing month for nickel prices and in these 6 months we saw nickel tumbled from highs of 1028 to low of 735 rupees means almost 300 rupee drop or 29% downside for this commodity. This means bear market for this commodity ad in upcoming months expect much lower levels here.
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