Shubhlaxmi Commodity
Investing Wisely

21 July 2015 Technical Chart Nickel Bulls in control

The adjacent chart shows the price movement of MCX nickel continuous contract. The base metal was in correction mode for a while. However, recently it has taken support near the lower end of the medium-term falling channel. From thereon it has started moving towards north. The daily momentum indicator has triggered bullish a crossover. Structurally, the up move is breaking up into lower degree waves and has a decent upside potential. Key levels on the upside will be Rs.778-818. On the other hand, the swing low of Rs.723.50 will act as a crucial support.