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MCX NICKEL: TECHNICAL OUTLOOK 23 APRIL-2014

MCX NICKEL WEEKLY CHART


Source: Tickerplant

As per weekly chart shown in figure, MCX Nickel price trades at 1,225 level and in last couple of
weeks it sparked and gained more than 25% from beginning of 2014. Currently it is trading at 61.8%
fibonacci retracement level (High-1327 and Low 787.50). Technical indicators are also showing over-
bought condition. We anticipate price will take resistance between 1,125-50 level and down side we
may see 1,070 (shown as upper channel line in orange colour) & 1,030 levels. On the flip side,
fibonacci retracement (76.8%) on the weekly chart ie 1,202 will act as a key resistance.


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action taken by the reader of this report.
SUPPORT RESISTANCE

1080 1140
1030 1175