As can be seen from the adjacent chart, MCX nickel is in a short-term downtrend. It is tumbling in a downward sloping channel. Recently it bounced from the daily lower Bollinger Band and the bounce lasted till the upper end of the channel. Near that level was present the 20-daily moving average to resist the price action. Consequently, nickel started the next leg down from that point. In the last session the base metal formed a bearish belt hold candle. Thus, the last session’s high (892) will act as a key resistance. On the downside, the lower end of the channel and the previous low, ie 845, will be the shortterm targets.
Gold Technical Comment For 04 Aug 2015
14 hours ago