The price of nickel has gone through a sharp correction since it registered a high of Rs 1327.80
levels on 21st Feb, 2011.
But, the prices of nickel witnessed a smart recovery from the lows of Rs 964.30 levels to close at the Rs 1002.60 levels over a span of 3-4 sessions.
We would like to point out that the prices of nickel has strong support between the Rs 973—Rs 960 levels.
The MACD indicator has also given a fresh buy signal backed by a positive divergence which is also a positive sign for the future price movements of nickel.
We expect the price of nickel to test its short term moving averages placed at the Rs 1020 levels over the upcoming sessions.
We recommend buying between Rs 1006 -- Rs 990 levels with a stop placed below Rs 982.70 levels for an initial target of Rs 1020 – and Rs 1040 levels. (On a close above the 1020 levels) MCX NICKEL JUNE CONTRACTOPEN Rs 996 HIGH Rs 1004 LOW Rs 984.70 CLOSE Rs 1002.60.
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