October 27, 2010, NICKEL: Scope for further downside

In the last session MCX Nickel has broken the lower channel trendline. Along with the bearish price breakout, daily MACD has entered the negative territory and hence both are in agreement. Daily Bollinger Bands have started expanding after a significant contraction. The lower band is pulling the commodity down. Nickel is trading below the 40 DEMA (1,051) and 20 DMA (1,068), which are acting as key resistances and are unlikely to allow Nickel to surpass the swing high of 1,075. On the downside 973 and 940 ie 50% and 61.8% retracement marks respectively are key levels to watch out for.



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