Nickel: Scope for Recovery

The price movement of MCX nickel November contract is shown in the chart. After a sharp fall, nickel seems poised for a recovery. In the last session, it has formed an ‘Engulfing Bull’ candle. On the continuous chart, the base metal has a potential to form a double bottom. The daily momentum indicator is showing positive divergence, which adds to the bullish bias. Thus, unless the low of 862 is broken, nickel can bounce towards the 20-daily moving average and 40-daily exponential moving average, ie 910 and 920 respectively.

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