EquityPandit’s Outlook for Nickel for the week  (Oct 15, 2018 – Oct 19, 2018) :

NICKEL:

NICKEL closed the week on negative note losing around 0.80%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 960 to 970 where Fibonacci levels and high for the month of August-2018 and September-2018 are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 990 to 1000 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 963 and close the week around the levels of 933.

Minor support for the commodity lies around 920 to 930. Support for the commodity lies in the zone of 900 to 910 where Fibonacci levels and long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 870 to 880 from where the commodity broke out in the month of April-2018.

Minor resistance for the commodity lies around 940 to 945. Resistance for the commodity lies in the zone of 960 to 970 where Fibonacci levels and high for the month of August-2018 and September-2018 are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 990 to 1000 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 900 – 910 on downside & 970 – 980 on upside.