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Nickel Technical View 27.05.2014Back

Nickel May contract on mcx inched 10.90 rupees up to settle at 1152.50. Bullish trend will remain in place until this metal manages to produce closing below 1090 zones. Today price objective for bulls would be 1155 and then at 1160 any sustained move above 1160 would bring more charm and then 1180-1200 are likely targets for nickel bulls. Support is now seen near 1120 any closing below that level would bring some more weakness and then we may see 1100 on cards. Key support remains at 1090.

Nickel trading range for the day is expected among the key support at 1130 and resistance at 1180.

Recommendation:

  • Buying nickel around 1152-1145 with stop loss below 1120 for targeting 1200-1220 and more upside might be appropriate in short term.
  • Selling below 1120 with stop loss above 1140 for targeting 1100 and 1085 in intraday and short term.
  • In alternative scenario buying above 1185 with stop loss below 1178 for targeting 1200-1225-1250 and more upside might be appropriate.

 

Nickel Technical View 27.05.2014
 
 
 
Posted on: 27-May-2014 | Posted by: NIFM | Comment('0')
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