Nickel formed a long bearish candle and don’t jump to buy at higher levels. Base metals crashed vertically in yesterday’s trading session especially Copper and Nickel. We recommended selling below 1430 with a stop loss above 1450. It crashed vertically and made a low of 1386.70. Currently trading around 1393 levels. In our last report, we recommended buying Nickel above 1415 levels while our positional traders were holding long from 1355 levels.
Minted money in our sell call of Copper.
Recommended selling below 428 levels in our daily morning commodity report i.e. Commodity Samachar or Commodity News.
Now, what to expect from here onward???
Nickel has support at 1380 while it has resistance at 1420—1450.
Expect Nickel to trade within a range for the day. Nickel is likely to form a drop base pattern on the daily chart.
Decisive break and close below 1380 will take it to 1356—1324 levels in days to come.
Who will save Nickel below 1324 levels???
Three consecutive closes + weekly close below 1324 will take to 1235—1190 mark in days to come
Our negative bias gets negate on a close above 1450 levels only.
If you get an opportunity then try to sell Nickel around 1430 with strict stop loss above 1450 on a closing basis for the downside target of 1380.
Intraday levels
Intraday support at 1386 and resistance at 1401
Decisive break and sustain above 1401 will take it to 1412—1419 and then to 1430 levels or else it could test its support level of 1386 again.
Below 1386… Target looks 1382—1379—1376.
Traders can trade safely as per the levels given above. Any reversal seems then surely we will update during market hours.
If you have any queries related to the market then feel free to call us.
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