Nickel has given triangular break-out

As one can see from the adjacent chart, MCX nickel has given a triangular break-out on the one-hour chart. There is a positive cross-over on the key moving averages and the Parabolic SAR is valued at Rs1,129, which is below the current market price. Both suggest bullishness on the counter. The Relative Strength Index is valued at 72 and the Stochastic is valued at 91 and both seem overbought. The other technical parameters like the Moving Averages Convergence Divergence is valued at 10 and the Momentum is valued at 38. One should buy on dips till Rs1,145-1,150 levels for an upside target of Rs1,185-1,200 levels. Trade below Rs1,128 levels will negate the bullish view.