MCX Nickel At crucial resistance level
Adjacent chart shows the price movement of MCX Nickel continuous contract. The pullback in the nickel is in a channelized manner. The chart reveals that nickel retraced 61.8% of its entire March 2019 to May 2019 fall and is hovering around this level. On the way up, nickel has multiple resistances in the zone of 920 – 927. On the way down, 902 will be providing support in the forthcoming sessions, below which the selling pressure can kick in and nickel can drift lower towards 889 – 885 levels. The bears will take charge once nickel closes below 885. The scope for correction is likely as long as it does not close above 927. The daily momentum indicator is bullish.