28 July 2015 Technical Chart MCX Nickel Facing resistance

The adjacent chart shows the price movement of MCX nickel continuous contract. The base metal has been trading in a multi-month falling channel. Recently, it found support near the lower end of a medium-term falling channel and formed a pullback. However, it faced resistance near the key daily moving averages. Thus, the base metal has started falling once again. Unless 20-day moving average, ie Rs.733 is crossed on closing basis nickel can fall back till the channel line, which is near Rs67