As one can see from the adjacent chart, MCX nickel is forming high tops and high bottoms chart pattern on the one-hour chart. The base metal has given a Get Stochastic bullish signal, as it has ‘False Bar’ on the 75 levels and it has given a pullback from the oversold zone. As per the MOB, upside target is Rs983. The other technical observations are Stochastic (5-35) valued 3.57 and Relative Strength Index valued 65. On dips till Rs973-Rs970, one can buy for an upside price target of Rs985-Rs990. Trade below Rs960 will negate a bullish view.
