EquityPandit’s Outlook for Nickel for the week (February 13, 2017 – February 17, 2017) :

NICKEL:

NICKEL (710.80) closed the week with a positive note gaining around 3.10%.

Minor support for the commodity lies in the zone of around 696 to 700. Support for the commodity lies in the zone of 678 to 682 where Fibonacci level is lying and 200 Daily SMA is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 650 to 655 from where the commodity broke out.

Minor resistance for the commodity lies in the zone of 715 to 718. Resistance for the commodity lies in the zone of 725 to 730 where Fibonacci level and highs for the month of January-2017 is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 748 to 750 where Fibonacci level is lying.

Broad range for the commodity in the coming week can be seen between 680 – 685 on downside and 730 – 735 on upside.