MCX Nickel performed a channelized pullback. Within the channel, it formed a triangular pattern and broke out on the upside to form the third leg of the pullback.

The pullback retraced 38.2% of the previous fall. From there it started a fresh move down, giving a breakout from the channel on the downside. Below the channel, the base metal formed a bearish flag pattern and giving a bearish breakout.
The daily momentum indicator is in a bearish mode. Thus the base metal is poised for a significant decline. The short-term target on the downside is the recent low (787.50) and the pattern target (776). The reversal could be tightened to 837.
The pullback retraced 38.2% of the previous fall. From there it started a fresh move down, giving a breakout from the channel on the downside. Below the channel, the base metal formed a bearish flag pattern and giving a bearish breakout.
The daily momentum indicator is in a bearish mode. Thus the base metal is poised for a significant decline. The short-term target on the downside is the recent low (787.50) and the pattern target (776). The reversal could be tightened to 837.