Nickel: An inverted hammer

MCX nickel formed the third leg of the pullback and reached the 50% retracement of the entire fall. At the junction of the key Fibonacci level and the daily and weekly upper Bollinger Bands, nickel formed an inverted hammer (a bearish candle) on the weekly chart. From there nickel has fallen sharply. It has broken the lower end of the channel and retested it. In the last session nickel had faced resistance near the channel line, the 20- daily moving average, the 40-daily exponential moving average and the upper end of the short-term falling channel. Consequently, it formed an inverted hammer on the daily chart. Thus, unless the high of 951 is crossed the targets would be Rs877.3 and Rs845.3.

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