Nickel Poised for a bounce

The adjacent chart shows the price movement of MCX Nickel continuous contract. It is in a downtrend and continues to make lower top and lower bottom. However, it has achieved the equality target of the previous fall. A meaningful bounce in MCX Nickel is likely in the coming trading sessions as long as it is trading above the swing low of 574. An immediate resistance is at 605.50, above which it is likely to inch higher towards 625-640 levels. On the way down, 587-574 will act as support in the near term. The momentum indicator has turned positive.

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