MTECHTIPS INTRADAY TRADING ANALYSIS

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MCX SEP NICKEL MARKET RECOMMENDATION

Mcx nickel sep expiry future closed at 896 on Saturday session. in this week sharp correction is seen after last 2 weeks rally. on daily chart nickel future price closed near 3 month level while above monthly average. short term traders maintain bullish view above 888 only below this last lows of 866 and 852 are target levels. on daily chart mcx nickel indicators looks some what bearish.

weekly analysis:-

Mcx nickel this week closed in red on week on week basis. this week 1/3 retracement seen in nickel and that is good sign. on weekly chart medium and long trend is still down. on upside 922 is 6month level and from that point nickel prices started correction which clearly indicate supply from market. 950 and 970 are 12 and 24 month level on upside.

TRADING VIEW:-

For day and short term traders, below 910 we suggest to stay short or stay away. long positions should be taken decisively if cross 910 on closing basis.

for medium and long term traders nickel trading strategy should be sell on rise till 925 on weekly closing basis. if bearishness remain market levels below 850 can be expected in near term.