The adjacent chart shows the price movement of MCX nickel continuous contract. The base metal has been trading in a multi-month falling channel. Recently, it found support near the lower end of a medium-term falling channel and formed a pullback. However, it faced resistance near the key daily moving averages (DMAs). Thus, the base metal has started falling once again. In terms of wave structure, the base metal is extending on the downside. Unless 20-DMA, ie Rs713 is crossed nickel can fall towards the channel line, which is near Rs.655 and the monthly lower Bollinger band, which is near Rs.649.