EquityPandit’s Outlook for Nickel for the week  (July 30, 2018 – Aug 03, 2018) :

NICKEL:

NICKEL closed the week on positive note gaining around 1.60%.

As we have mentioned last week, that support for the commodity lies in the zone of 920 to 930 from where the commodity broke out of February-2018 high. If the commodity manages to close below these levels then the commodity can drift to the levels of around 900 to 910 where Fibonacci levels and long term moving averages are lying. During the week the commodity manages to hit a low of 917 and close the week around the levels of 941.

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

Resistance for the commodity lies in the zone of 950 to 960 where Fibonacci levels and medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 980 to 990 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 910 – 920 on downside & 960 – 970 on upside.