EquityPandit’s Outlook for Nickel for the week (March 20, 2017 – March 24, 2017) :

NICKEL:

NICKEL (671.90) closed the week on a positive note gaining around 1.70%.

As we have mentioned last week that minor resistance for the commodity lies in the zone of 670 to 675. Resistance for the commodity lies in the zone of 680 to 685 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 695 to 700 where 200 Daily SMA is lying. During the week the commodity manages to hit a high of 680 and close the week around the levels of 672.

Minor support for the commodity lies in the zone of 660 to 665. 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 witness a free fall to the levels of around 600.

Resistance for the commodity lies in the zone of 680 to 685 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 695 to 700 where 200 Daily SMA is lying.

Broad range for the commodity in the coming week can be seen between 620 – 630 on downside & 700 – 710 on upside.