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Technical Outlook on Nickel for day traders

MCX Nickel May contract on closed up by 0.41 percent at 605.50 from yesterday closing price. A nice bullish structure has emerged in nickel on the daily chart and it has confirmed the breakout of a falling wedge which in terms can be used a bullish setup in this metal. For day trade today support will be at 581 and then at 574, but in the case of stability below 580, it might invalidate this bullish pattern. In the upper side, Resistance is now seen near 607, if sustained move above that level will bring for the upper resistance 616 and 630 in near term.

Day trading range for the day is expected among the key support at 574 to resistance at 607.

Recommendation:

  • Buying on declines around the supportive zone.
  • In alternative scenario buying above resistance area.
  • Weakness possible only below the supportive area of 580

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