MCX Nickel faced sharp selling pressure 28 April 2016

The adjacent chart shows the price movement of MCX nickel continuous contract. The base metal formed a significant bounce from the daily lower Bollinger band. The rise continued till Rs 634, where nickel faced sharp selling pressure. Consequently, it has formed a large bearish outside bar on the daily chart. In terms of price pattern nickel seems to be taking form of a triangular pattern. Within the triangle it is forming a leg on the downside, which is subdividing into lower degree waves. The commodity is expected to tumble towards the lower end of the pattern, ie Rs 565. An intermediate support zone will be Rs 591-587. On the other hand, the level of Rs 634 will act as a crucial resistance.
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