Nickel: resumes downtrend

As can be seen from the adjacent chart, MCX nickel is in a short-term downtrend. It is tumbling in a downward sloping channel. Recently it bounced from the daily lower Bollinger Band and the bounce lasted till the upper end of the channel. Near that level was present the 20-daily moving average to resist the price action. Consequently, nickel started the next leg down from that point. In the last session the base metal formed a bearish belt hold candle. Thus, the last session’s high (892) will act as a key resistance. On the downside, the lower end of the channel and the previous low, ie 845, will be the shortterm targets.
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