Nickel: forming base

The chart shows the price movement of MCX nickel’s November contract. After a sharp fall, nickel seems to be basing out. To form a bottom, the base metal seems to be forming en expanding ending pattern. To form the last leg of the pattern, it can come down till 859. 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 daily lower Bollinger Band (848) is broken, nickel can bounce towards the upper end of the pattern, ie 894, and beyond that can stretch till 928.



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