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.