Nickel Under Pressure 22 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 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.
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