AHMEDABAD (Commodity Online): Nickel June contract is moved down by 4.51% in MCX. During trading session Nickel hits the 912.5 level which is 10 month low.
“Technically, one can short Nickel at 950 with a stop loss of 970 for target of 920,” said Hardik Shah, Sr. Commodity Analyst with Commodity Online.
Nickel is decreased from 1039 to 912.5 within 7 days. 14 days RSI for Nickel is at 30 and it is decreasing continuously since last 5 days due to selling pressure.
Nickel has opened at 965 and made a high of 965. Total volume for the day is 55733 lots and open interest is around 18201. Support for Nickel can be seen at 920 and 900. Resistance level could be at 1050.
“Fundamentally, Nickel is weak. One can make short position at 1000 levels for long term.” Said Shah.
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