Nickel is moving towards the north direction from the last few trading sessions as seen in the below chart. Base metals are in the uptrend zone but a consolidation phase is going on. Nickel moved from 1150 to 1400 levels in just 4 months of the trading session.
Now, what next???
Nickel is having key resistance at 1415 as shown in the figure.
Three consecutive close + weekly close above 1415 will take it to 1477—1491 levels in days to come
Immediate support at 1380
Below 1380… panic up to 1371—1367—1355 levels.
Major support at 1340
Trade safely as per levels given above… Any reversal seems then surely we will update.