MCX Nickel Charts Show Rising Wedge Pattern, Ripe For Correction

Published 12/19/2012, 07:01 AM
Updated 05/14/2017, 06:45 AM
IMOEX
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MCX Nickel prices have made a pattern called rising wedge on 1-hour chart which shows that prices may correct from current levels. Nickel prices are also trading below the trend line near 965. Technically prices have target of 930/35 in coming session. We expect prices have major resistance of 980 levels. It has also trading below 8, 21 and 34 days EMAs which is another factor to trade lower.

While applying momentum indicator RSI_14 periods which is treading near 40 levels which is below center line(50) shows that prices may correct till 935 levels. Prices have immediate support of 950 once sustain below the same it may touch 930/35 in coming days. Short-term traders may go short with strict stop loss.
Nickel Charts
By Tarang Parmar

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