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Nickel April Short Term Outlook according to chartBack

Nickel April contract on mcx inched 6.40 rupees up to settle at 1079.10. Metal continue with its bullish momentum and headed an intraday high of 1092.50. Today price objective for bulls would be 1093 above that it will try heading towards 1105-1120 in near term. Support is now seen near 10 days SMA that stands near 1033 and any failure below that level would bring some weakness and then we may see 1015-1005 on cards.

Nickel trading range for the day is expected among the key support at 940 and resistance at 1105.

Recommendation:

Today buying nickel above 1093 with stop loss below 1075 for targeting 1105-1120 and more upside might be appropriate.

 

Selling nickel below 1060 with stop loss above 1090 for trgt 1041-1024 and more down side possible.

Nickel April Short Term Outlook according to chart
 
 
 
Posted on: 17-Apr-2014 | Posted by: NIFM | Comment('0')
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