MTECHTIPS MCX NICKEL INTRADAY trading analysis 01-07-2016
DAILY:- Mcx nickel Support at 625—-610 and Resistance at 656 Three consecutive closes + weekly close above 656 will see non stop rally till 750—780+ mark in days to come We clearly indicated to buy Nickel and accumulate with stop loss below 520 on closing basis for positional traders Now it has immediate support at 610 for positional traders while 520 act as major support in Nickel.
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.