The Base metals like copper and nickel were under severe selling pressure for most of yesterday’s session. But,the prices of nickel witnessed a smart recovery from the lows of Rs 1007.20 levels to close at the Rs 1023.70 levels. We would like to point out that the prices of nickel has strong support between the Rs 1005—Rs 1010 levels and have been bouncing back after testing these support levels over the past 2-3 sessions of trade.
The prices of Nickel are also at the 61.8% Fibonacci retracement of the rally that started from the lows of Rs 823.60 levels and registered a high of Rs 1327.80 levels.
The momentum indicators have also come out of the oversold territory which is also a positive sign for the future price movements of nickel.
Traders can look to buy between Rs 1017--Rs 1012 levels with a stop loss placed below Rs 1004.25 levels for targets of Rs 1032.50 levels.
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