MCX Nickel Bulls take a breather
Adjacent chart shows the price movement of MCX Nickel continuous contract. Nickel witnessed a sharp up move from the low of 865 to 1043 without any major correction. Therefore, a pullback in the near term is possible. On the way up down, 983 – 978 will provide support in the forthcoming trading sessions. Dip shall be considered as buying opportunity as long as it does not close below 978. On the way up, nickel can see an up move towards 1043 and subsequently towards the upper end of the channel of 1060. The daily momentum indicator is bullish.