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Nickel poised for a bounce

As can be seen from the chart, MCX Nickel has rallied sharply recently. However, it stumbled near the psychological mark of 1000. At that level it had faced resistance multiple times in the recent past. The base metal witnessed a sharp selling near that level and formed a huge bearish outside bar. As a follow through, the base metal entered a correction mode. It broke a rising trendline and almost achieved the equality target on the downside. From there the base metal has started recovering. The daily momentum indicator has given a buy signal. Thus, unless the low of 863.20 breaks, nickel can bounce till 934, ie 50% retracement mark.

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