The base metal pack traded on a very volatile and choppy note for the majority of yesterday’s session.But the key observation to be made on the intraday charts of Nickel is that the price of nickel has registered an inverted head and shoulders breakout during the previous session.
This is a bullish formation and the measuring implication of the pattern suggests that the price can advance to levels of Rs 1055 and/or Rs 1070 levels.
The MACD indicators have also given a buy signal backed by a positive divergence which is also a sign of strength in the counter.
Thus, traders can look to buy 50% at current levels and on dips to Rs 1028—Rs 1024 levels with a stop loss placed below Rs 1016.80 levels for the above mentioned targets.
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