EquityPandit’s Outlook for Nickel for the week  (April 17, 2017 – April 21, 2017) :

NICKEL:

NICKEL (626.70) closed the week on negative note losing around 4.60%.

As we have mentioned last week that minor support for the commodity lies in the zone of 648 to 652. Support for the commodity lies in the zone of 635 to 640 where the commodity has formed a bottom in the month of January-2017. If the commodity manages to close below these levels then the commodity can drift to the levels of 625 to 627 where the commodity has formed a low in the month of March-2017. During the week the commodity manages to hit a low of 625 and close the week around the levels of 627.

Support for the commodity lies in the zone of 625 to 627 where the commodity has formed a low in the month of March-2017. If the commodity manages to close below these levels then the commodity can drift to the levels of 600 to 605 from where the commodity broke out on weekly basis.

Minor resistance for the commodity lies in the zone of 635 to 640. Resistance for the commodity lies in the zone of 655 to 657 from where the commodity broke down after consolidation. If the commodity manages to close above these levels then the commodity can move to the levels of 675 to 680 where Fibonacci level is lying.

Broad range for the commodity in the coming week can be seen between 600 – 605 on downside & 650 – 655 on upside.