EquityPandit’s Outlook for Nickel for the week  (Mar 05, 2018 – Mar 09, 2018) :

NICKEL:

NICKEL closed the week on negative note losing around 1.10%.

As we have mentioned last week, that minor support for the commodity lies in the zone of 870 to 875. Support for the commodity lies in the zone of 840 to 850 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 800 to 810 from where the commodity broke out after consolidation and short term moving averages are lying. During the week the commodity manages to hit a low of 870 and close the week around the levels of 880.

Minor support for the commodity lies in the zone of 870 to 875. Support for the commodity lies in the zone of 840 to 850 where Fibonacci levels and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 800 to 810 from where the commodity broke out after consolidation and medium term moving averages are lying.

Resistance for the commodity lies in the zone of 900 to 910 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 930 to 940 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 830 – 840 on downside & 930 – 940 on upside.