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MCX Nickel At crucial support level - 07 March 2018

Nickel is forming higher top higher bottom on the daily chart indicating uptrend in the short term


Adjacent chart shows price movement of MCX Nickel continuous contract. Nickel is forming “higher top higher bottom” on the daily chart indicating uptrend in the short term. In Tuesday’s trading session, nickel bounced back from the rising trend line support and the 40 DEMA. In the short term, it has multiple Nickel supports at 855 – 860 zone. If nickel holds above the support zone then it can rise higher towards 907 - 918. However, if it breaks the support zone then it can drift lower towards 822. The daily momentum indicator is bearish.
 
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