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Nickel: Bearish structure

In case of MCX Nickel the short as well as the medium term trend is down. Nickel is falling in a channelised manner and it recently has started a fresh move down. The base metal is facing pressure from the 20-day moving average (DMA; Rs934) and the 40-day exponential moving average (DEMA; Rs936). The daily momentum indicator has started its next cycle down, whereas the weekly momentum indicator is already in a down cycle. The daily Bollinger Bands are on the verge of an expansion, which will allow a sharp fall in the price. The targets on the downside are Rs877.3 – Rs845.3 (previous lows). The reversal can be placed above the moving averages and the upper channel line ie Rs937.

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