nickel intraday

MCX Nickel trades positive
12 June 2008 10:51:25

MCX Nickel traded positive following international market and strength in Bullion and energy. MCX Nickel June closed at 998 with minor gains after registering days high near 1012.50, intra day low registered near 980 levels.

LME Inventory increased by 78 MT to 47238 MT.

China nickel to make 400,000 tonnes of special steel this year.

Nippon Steel & Sumikin Stainless Steel Corp., Japan's largest-maker of the alloy, cut prices for nickel-based sheet this month for the first time since February as costs for the key ingredient declined.

MCX Nickel June - Technical Outlook:
The daily stochastics have crossed over up which is a bullish indication. The prices closed above short term and medium term EMA, which supports bears. MACD is heading upwards in positive region, showing increase in bullish momentum.

Technical have turned neutral to bullish and market is expected to remain positive above 1014 level. If sustain above this level can see a rally towards 1029 and 1046, If market sustains below 997 can see a further fall towards 981 and 964

Recommendations: MCX Nickel June: Buy at 985-983 Target 1014 and 1025 SL 965



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