MCX Nickel May Track Bearish Path At Lower Levels

Published 05/02/2013, 06:53 AM
Updated 05/14/2017, 06:45 AM
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The first target of Rs.794 has been achieved as per our recommendation on April 18 of going Short on MCX Nickel.
MCX Nickel
Profits on Short positions should be booked at the current levels; fresh Short positions should be initiated on rallies. MCX Nickel is trading weak, clearly forming lower tops and lower bottoms and restricted below channel resistances (S), at Rs 848.The 14-period RSI is also taking downward sloping trendline resistance, (as shown by dotted line) pointing downwards and sustaining well below the 50 mark, indicating further weakness.

It is advisable to sell Nickel on rallies to trend-line resistance (S) towards Rs.800-820 levels for the target of Rs.732 level in the medium term.

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