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Nickel: Next round

MCX nickel formed the third leg of the pull-back and reached 50% retracement of the entire fall. At the junction of the key Fibonacci level and the daily as well as weekly upper Bollinger Bands, nickel formed an inverted hammer (a bearish candle) on the weekly chart.From there nickel has formed the initial leg on the downside that touched the 50% mark and has bounced towards the key daily moving averages. Hereon fresh shorts can be initiated with a reversal above Rs1,025. The target on the downside is Rs938 (the 61.8% retracement mark).

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