MTECHTIPS MCX NICKEL INTRADAY trading analysis 29-06-2016
DAILY:- Mcx nickel is heading for 680 rupee target. BMI reported Monday that it maintained its refined nickel price forecast at $9 000/t in 2016, as sustained global deficits and declining inventories.
WEEKLY :- Mcx nickel on this Friday closed at 608.1 with loss. On last session we saw gap down opening on brexit day and closed with intraday recovery. Look like base metals are topped out for short terms. Mcx nickel future daily chart price trend is at breakdown while momentum already turned bearish on news. Below 611 expect downtrend for nickel prices. On downside 597 and 592 are support zones. On upside 611 and 625 are resistances.