Shubhlaxmi Commodity
Investing Wisely

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