EquityPandit’s Outlook for Nickel for the week  (June 18, 2018 – June 22, 2018) :

NICKEL:

NICKEL closed the week on negative note losing around 1.20%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 1050 to 1060 from where the commodity has broken down. If the commodity manages to close above these levels then the commodity can move to the levels of around 1090 to 1100 where the commodity has formed a top in the month of April-2018. During the week the commodity manages to hit a high of 1058 and close the week around the levels of 1032.

Minor support for the commodity lies in the zone of 1010 to 1020. Support for the commodity lies in the zone of 990 to 1000 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 970 to 980 where Fibonacci levels and short term moving averages are lying.

Resistance for the commodity lies in the zone of 1050 to 1060 from where the commodity has broken down. If the commodity manages to close above these levels then the commodity can move to the levels of around 1090 to 1100 where the commodity has formed a top in the month of April-2018.

Broad range for the commodity in the coming week can be seen between 1000 – 1010 on downside & 1070 – 1080 on upside.