MCX Nickel July contract after making a low of 795.60 on 17th July 2013 has seen a steady and sharp rally, but exactly breached the Trend line at 842 levels and closed lower. But on 24th July nickel prices have penetrated the trend line at 842 levels and closed sharply higher.
Hence as per the Trend line breakout, we expect the nickel prices now to continue the rally towards the expected target price at 880 levels.
Support is now seen at 842 levels and then Strong support is observed at 818 levels. Mutliple closing below 818 levels would indicate that the trend line breakout rally has come to an end and thereby new leg down can be expected initially towards the previous low at 795 levels and then finally towards 770 levels.
Resistance is now observed at 870-880 levels. Multiple closing above 880 levels would trigger an extended rally initially towards 906 levels and then finally towards the Major Resistance at 930.
Trading levels: (CMP-846)
S1-842 R1-880
S2-818 R2-906
Recommended Strategy (3-5 Days): Buy MCX Nickel July in the range of 842-838, with strict stop-loss below 818, Targeting 880 levels.
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MCX Nickel: Resistance Is Observed At 870-880 Range
Published 07/26/2013, 07:03 AM
Updated 05/14/2017, 06:45 AM
MCX Nickel: Resistance Is Observed At 870-880 Range
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