The price of Nickel witnessed a strong up move during the previous session of trade.
The key observation to be made is that the price registered this breakout on the back of a bullish inverted head and shoulders price pattern.
This is a bullish formation and this will have a positive effect on the price of Nickel over the near term to short term.
The measuring implication of the pattern suggests that the price can advance to levels of Rs 1085 and/or Rs 1110 levels.
The MACD indicator has also given a fresh buy signal backed by a positive divergence.
We recommend traders to buy between Rs 1065--Rs 1054 levels with a stop loss of Rs 1040.25 levels for the above mentioned implied target levels.
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