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

NICKEL:

NICKEL closed the week on negative note losing around 4.80%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 800 to 810 where long term Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 835 to 840 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 820 and close the week around the levels of 751.

Support for the commodity lies in the zone of 745 to 750 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 700 to 710 where Fibonacci levels and medium term moving averages are lying.

Resistance for the commodity lies in the zone of 770 to 780 from where the commodity has broken down. If the commodity manages to close above these levels then the commodity can move to the levels of around 800 to 810 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 700 – 710 on downside & 780 – 790 on upside.