nickel intraday

MCX Nickel traded negative following international market, registered days low near 922, closed at 924.50 with loss of approx 2%. Intra day high registered near 949.Increase in inventory at LME also supported the move.

Nickel inventories at LME, decreased by 438 MT to 46296 MT.

MCX Nickel June - Technical Outlook:

The daily stochastics have crossed over down which is a bearish indication. The prices closed below short term and medium term EMA, which supports bears. MACD is heading downwards in positive region, showing decrease in bullish momentum.

Technical are neutral to bearish signalling sideways to lower prices in the near term. Initial support for the market is around 915 levels. If broken can see further fall to 905 and 888 , If market holds above 932 further rally can be seen towards 942 and 959


Recommendations: MCX Nickel June: Sell at 930-935 Target 920 and 914 SL 942

MCXARUN
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