MCX Nickel Weak outlook

The adjacent chart shows the price movement of MCX nickel continuous contract. Nickel rallied nicely in April. The base metal halted near a trendline drawn from the previous swing highs where bears rushed in to push the metal down. Structurally, it has taken form of a bearish running triangular pattern. Recently, it has fallen from the upper end of the pattern towards the lower end. A key resistance zone for nickel is Rs 594-605. Till the time it trades below this resistance zone, the commodity is expected to head lower and is likely to break the pattern on the downside. Once the swing low of Rs 575 breaks, Rs 550 will be the target from short-term perspective.



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