MTECHTIPS MCX NICKEL WEEKLY trading analysis 11-05-2015
Mcx nickel future on last trading session closed at 914 with gains. on daily chart, nickel future price trend and momentum both are bullish. mcx nickel future had given trend breakout at 860 and then we saw high of 930 and currently future is trading near highs with bullish price patterns as well as bullish divergences on daily chart indicators.for short term traders, mcx nickel future above 850 will remain buy on dips for targets of 932 which already achieved and if sustain above it then 976. correction from here might test 850 levels means 60-70 rupee drop in prices on such circumstances.this was third gaining week for nickel future. in these 3 weeks period prices soared from lows of 780 to high of 933. almost 150 rupee or 18% gains in very short time for this commodity. on weekly chart nickel above 910 will remain bullish and buy for medium terms. in medium to longer term investors 1030 and then 1150 are target zones for this commodity.