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Nickel technical short term view 01.08.2014

Nickel August contract on mcx inched 21.20 rupees down to settle at 1128.30.

Nickel is failing to climb above 20 days SMA and facing resistance near the same. Today bullish price objective would be 1155 any sustained move above that level would bring a rally towards 1165 zones. Key resistance would be 1173 and any move above that level would open the doors for a rally towards 1190-1220 zones. Support is now seen near 1125 and then at 1108 any move below 1108 would bring 1090-1060 on cards.

Nickel trading range for the day is expected among the key support at 1124 and resistance at 1155.

Recommendation:

·         Today buying nickel above 1155 with stop loss below 1140 for targeting 1168-1190 and more upside might be appropriate.

·         In alternative scenario selling below 1124 with stop loss above 1140 for targeting 1100-1090-1070 and more down side might be appropriate. 

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