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Nickel outlook on technical chart

MCX Nickel January contract closed at 688.60 changed by 32.40 points down from the previous close. Yesterday a sharp decline took place from 50 days EMA and metal settled well below 20 days EMA that keeps overall bearish downtrend intact. This is indicating a selling pressure in this counter. Today Nickel may take support around 686 if sustained below this level will bring 677 on charts. Further stability below this support level will bring 660 and 650 and more downside possible in this counter. In the upper side, Resistance is now near 700 and then at 710, but it doesn’t mean the buyer will enter in this counter after yesterday correction. Nickel should stable above 725 then this counter may move upper side else it will weak.
 
Nickel trading range for the day is expected among the key support at 677 and resistance at 725.
 
Recommendation for traders: sell on rally will be better for this counter around previous high or below the previous low. 
 
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