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Nickel April Contract In Bullish Trend, Support At Level 1000 Levels

ByCommodityOnline
Published 04/11/2014, 01:46 AM
Updated 05/14/2017, 06:45 AM

Nickel


MUMBAI: As seen above in daily price chart of MCX Nickel April contract, it was trading in the positive phase from last couple of days. Yesterday we saw that prices have breached the “V Pattern” coupled with the strong the “Bullish candlestick” and trading above it. Today prices are seen trading on contract high levels. On the weekly basis prices are forming “Higher Top and Higher Bottom” formation which is favorable for the bullish trend.

Indicator Analysis
On the oscillator front, 14 day RSI is rising and currently reading at 65 which indicate bullishness and MACD is also trading in positive zone which is also supportive for bulls.

Key Levels
Resistance could be seen at 1090 levels and then next resistance is observed at 1130 levels. Price can find support at level of 1000 levels and below that strong support is seen at level of 960 levels.

Looking at bullish price formation coupled with oscillators indicating optimism, we recommend Buy in MCX Nickel April contract.

Positional Call - Buy MCX Nickel April between 1005 – 1015, SL - 960, Target – 1090 / 1110.

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