nickel intraday

Nickel remains weak
26 June 2008 10:01:05

MCX Nickel dropped to a rose to high of 935 trading in tight range for the day, low registered near 924 and closed at 932 with net gain of Rs. 7.5 per Kg.

Nickel inventories at LME, decreased by 78 MT to 46218 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 926 levels. If broken can see further fall to 919 and 915 , If market holds above 930 further rally can be seen towards 937 and 941


Recommendations: MCX Nickel June: Sell at 935-940 Target 920 and 915 SL 947.50

MCXARUN
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