![](https://1.bp.blogspot.com/-93Wy5HMdc7w/VfBA7-oTV_I/AAAAAAAAUR4/B_cDXqdzhVcMzMhKypAw-UFJEXaErjAQQCKgB/s640-rw/nickel3.jpg)
![](https://2.bp.blogspot.com/-oOUBLEO0NPM/Vxoc5w4C04I/AAAAAAAAUoY/Z553WtNMZFEyLn5uANPqsXve6Sjb4RQvACLcB/s1600-rw/Chart101.jpg)
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 Rs634, where nickel faced a sharp selling pressure. Consequently, it has formed a large bearish outside bar in the last session. In terms of price pattern, nickel seems to be taking form of a triangular pattern. The commodity is expected to tumble towards the lower end of the pattern, ie Rs 565. On the other hand, the level of Rs 634 will act as a crucial resistance.