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Nickel: Weakness creeps in

As can be seen from the chart, nickel formed a pullback that retraced 78.6% of the previous fall. It was a channelised pullback where the price recently faced resistance near the upper end of the channel. At that level, it has formed an inverted hammer, a bearish pattern. Thus, the high of 969.30 becomes a key resistance. The daily momentum indicator triggered a sell signal near the overbought zone. Thus, unless the high of 969.30 is crossed, nickel can fall towards the key daily moving averages, ie till 920.

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