MCX July Nickel failed to sustain at higher levels, prices have reversed the trend from 843 levels and finally ended in the negative zone. As continued downside weakness remains in force and looks likely to recapture its immediate support of 805 levels, on a decisive break below the same 785 would be the next support.
The momentum indicator RSI has pointed into negative territory and supporting momentum indicator “heikenashi” also providing selling signals.
MCX Nickel July Sell around 833 with target at 805/785 and stop loss around 851