Shubhlaxmi Commodity
Investing Wisely

MCX Nickel Bearish outlook

MCX nickel faced resistance near the key daily moving averages and then tumbled down sharply. In the last two to three sessions it had formed a minor degree pullback, which has retraced 38.2% of the recent fall. Unless the swing high of Rs.912 is crossed the base metal can resume with a larger down trend. However, if Rs.912 is crossed then nickel can stretch till Rs.926 before starting its next leg down. The daily momentum indicator is in a bearish mode. On the downside, the recent low of Rs.866 will be the key level to watch out for.