The key observation to be made is that the price of Nickel has taken shape of an Inverted head
and shoulder price pattern on the intraday charts.
The Neckline resistance for the said pattern is placed at the Rs 1052 levels. Upside targets of Rs 1080 / Rs 1100 levels can be seen in this counter once the price breaks above the neckline resistance level mentioned above.
Some of the other positive technical factors are that the price of Nickel has also closed above its key moving average clusters and the RSI indicator is also trading in bullish mode.
We recommend traders to buy on a break above Rs 1052 levels and again on dips to Rs 1042—
Rs 1035 levels for the above mentioned upside targets.
A stop loss of Rs 1026.40 levels should be maintained on all long positions.
MCX NICKEL JULY CONTRACT OPEN Rs 1037.30 HIGH Rs 1045.50 LOW Rs 1028.70 CLOSE Rs 1044.40
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