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MCX Commodity Nickel has taken support on key trendline

As one can see from the adjacent chart, MCX nickel has taken support on key trendline, after a sharp fall from Rs.1,060 to Rs.1,022. The commodity has taken five-six times support earlier on the same trendline. Various oscillators seem to be oversold as Stochastic is valued 20. The other technical observations are Relative Strength Index valued 39 and Momentum valued -24. On breach of the said trendline one can expect a fall of Rs.20 to Rs.30. And if it holds, the said trendline commodity could retrace up to Rs.1,045-Rs.1,055.

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