EquityPandit’s Outlook for Nickel for the week  (Jan 28, 2019 – Feb 1, 2019) :

NICKEL:

NICKEL closed the week on positive note gaining around 0.50%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 850 to 860 where long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 880 to 890 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 846 and close the week around the levels of 843.

Support for the commodity lies in the zone of 800 to 810 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 760 to 770 where break out levels are lying.

Resistance for the commodity lies in the zone of 850 to 860 where long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 880 to 890 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 780 – 790 on downside & 870 – 880 on upside.