4:11 PM
alphaadvisory
MCX Nickel February had a bullish week as the indicators show a slight
positive trend, but in the overbought territory. The US manufacturing
and inventory data is scheduled to be announced, commodity witness a
sharp impact in the near term.
The sudden spike in nickel prices has introduced a risk factor in the futures trading. Nickel jumped from 940 to 984.80 levels in last five days. Positive data from global markets reflected in the market prices.
The ascending triangle pattern indicates the bullish trend in the nickel prices. Since the all time high of nickel is at 990 levels, slight decrement may be seen in the prices. According to the analysis nickel may hit 970 levels in a week’s span.
Nickel is trading well above the 20 day SMA at 958.16. The high stochastic level, positive MACD at1.45 and positive momentum oscillations around 94, the relative strength index shown at 62.93 is quite positive.
S1: 976.86 S2: 973.23
R1: 984.46 R2: 988.43
Trend: Bullish
The sudden spike in nickel prices has introduced a risk factor in the futures trading. Nickel jumped from 940 to 984.80 levels in last five days. Positive data from global markets reflected in the market prices.
The ascending triangle pattern indicates the bullish trend in the nickel prices. Since the all time high of nickel is at 990 levels, slight decrement may be seen in the prices. According to the analysis nickel may hit 970 levels in a week’s span.
Nickel is trading well above the 20 day SMA at 958.16. The high stochastic level, positive MACD at1.45 and positive momentum oscillations around 94, the relative strength index shown at 62.93 is quite positive.
S1: 976.86 S2: 973.23
R1: 984.46 R2: 988.43
Trend: Bullish
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