Nickel seems to give a reversal trade
As one can see from the adjacent chart, MCX nickel has given Expert Trend Locator (XTL) reversal sign on the one-hour chart. As XTL has given a positive colour change from red to blue and has closed above the moving average band (6-high and 6-low) which suggests a positive reversal sign on the metal. At the same time John Trend Indicator (JTI) valued 403 confirms bullishness on the counter. The upside trendline break-out also favours bullish biasness. The trade above Rs923.60 and then in dips till Rs915- Rs912 one can buy for upside price target of Rs940-Rs950. The trade below Rs900 will negate a bullish view on nickel.
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