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Nickel Pullback mode


Adjacent chart shows price movement of MCX Nickel continuous contract. It was trading in a downward sloping channel. However, it has broken out from the channel. Currently, it is in a pullback mode. On the way up, it can see pullback towards 710 – 735 levels in the coming trading sessions. On the way down,680 – 670 will act as a support. Dips can be seen as a buying opportunity as long as it is trading above the swing low of 665. The momentum indicator has turned bullish.
 
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