MCX Nickel Bulls in control
The adjacent chart shows the price movement of MCX Nickel continuous contract. It is trading in a rising channel and continues to make higher top, higher bottom on the daily chart. In Wednesday’s trading session, it managed to break above the weekly swing high of 725.40, indicating that further upside is possible in the coming trading session. The momentum indicator is in a ‘buy’ mode. It has a strong support at 710 levels. Dips towards 710 should be seen as a buying opportunity. On the way up, it is headed towards the upper end of the channel, which is currently pegged at 755.