Here, I have used Elliott wave theory, Fibonacci Retracement, and MA ( 30 & 62 ) to identify the next move. At present, MCX nickel in a corrective wave. We may see a reversion bounce off here. It can be up to 38.20% to 23.60% of the retracement level. Wherein, 38.20% retracement level will act as a resistance and 50.00% vice versa.
In other words,...
Target 1067.5/1064
However main Stop loss at 1085. Risky traders please proceed.
* Disclaimer : I just shared my view. Please trade with you own and comfortable views.
Analysis is based on head and shoulders pattern
Short on Nickel Futures (chart is at the peak of second shoulder)
This is a long term position (approx 6-8 months). Intermediate shorts can be taken with the help of support and resistance levels.
Target 1: 1057
Target 2: 972
Target 3: 910
Initial Stop Loss: 1160
Intraday Commodity Future Buy NICKEL SEP @1124-1125 SL 1121 TGT 1132
Reason:
Above VWAP and if it stays then we can see more upside there is already TK cross over and MACD cross over as well.
Nickel Bulls are really putting the work in recovering an impressive 22.5% from the pandemic March lows. Nickel has remained inside a multi-year rising channel (A) and is now facing a strong resistance hurdle before further upside is likely to resume (for the medium-long term).
Nickel mining companies are being urged to mine more nickel, as the Nickel ‘battery’...
Intraday Commodity Future Sell NICKEL AUG @1037-1038 SL 1043.50 TGT 1027
TK cross over on the downside
MACD bearish cross over
Icihmoku cloud break down
