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MCX Nickel is at the key level has a taken trendline support

As one can see from the adjacent chart, MCX nickel has a taken trendline support after a fall of Rs.50 from Rs.1,066 high on the one-hour chart. It has retraced around 38.20 percent (at Rs1,033.50). Currently, the commodity is trading near to its mid Bollinger band valued around Rs.1,026 and Parabolic Search and Reverse valued Rs.1,018 is below the current market price. The other technical observations are Momentum valued +5.5 and Relative Strength Index valued 43. On the breach of Rs.1,013 one can expect a sharp fall, until it holds one can buy for an upside target of Rs1,033-Rs1,045. And on the breach of Rs.1,013 one can expect a fall of Rs15 to Rs25.

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