nickel mcx tips - MCX Nickel seen dipping before reversing higher
The Nickel futures contract on the Multi Commodity Exchange (MCX) opened the year on a high note on Monday.
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But the contract failed to get strong follow-through buying thereafter. The MCX Nickel futures contract touched a high of 815.5 per kg on Tuesday and has come-off that level. It is currently trading at 798.5.
Technically, the medium-term resistance is at 814 and has capped the upside and triggered this pull-back move.
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As long as the contract remains below 814, a fall to 785 is likely in the coming days.
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A break below 785 will increase the likelihood of the down-move extending to 775. The levels of 785 and 775 are key trend-line supports, which are likely to limit the downside in the short-term ( crude oil free tips ).
A strong upward reversal from either 785 or 775 can trigger a fresh rally to 810 and 815. An eventual break above 815 will increase the possibility of the contract targeting 850 and 870 levels over the medium-term.
Short-term traders with a high-risk appetite can wait for dips and go long at 787. Accumulate long positions at 778 if the contract declines below 785.
Keep the stop-loss at 770 for a target of 810. Revise the stop-loss higher to 795 as soon as the contract moves up to 805.
The outlook will turn bearish only if the contract breaks below 775 decisively.
Such a break will increase the likelihood of the contract falling to 750 thereafter.
Note: The recommendations are based on technical analysis. There is a risk of loss in trading.