15 July 2015 Technical Chart Nickel Bounce underway

The adjacent chart shows the price movement of MCX nickel continuous contract. The base metal has been in a correction mode for a while. However, recently it has taken support near the lower end of a medium-term falling channel. From thereon it has entered a pullback mode. The daily momentum indicator has triggered a bullish crossover. Hence, the pullback is expected to extend further. From a short-term perspective nickel can test its key daily moving averages, which are near Rs.765-788. On the other hand, Rs.725-716 will act as a key support zone.
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