MTECHTIPS MCX NICKEL INTRADAY trading analysis 16-06-2016
DAILY:- Mcx nickel below 606 remain sell and bearish.
WEEKLY :- Mcx nickel future this week closed with gain at 597.7. This was second weekly gain for nickel prices. In last 2 weeks nickel rallied by almost 50 rupees or almost 10%. Mcx nickel weekly chart price trend and momentum both are bullish and expect outperformance by this base metals in upcoming weeks. For next week, mcx nickel above 591 remain bullish and buy on dips for targets 605 and 626. On downside 591 and 581 are strong support zones. If slips below 591 and sustain then it will be trend reversal sell signal for targets 581 and 559. Commodity traders can hold long positions in nickel future with trailing stop loss below 591 for target 605 and 626.