MCX Nickel have recently done a channelized pullback. Within the channel it formed a triangular pattern and broke out on the upside to form a third leg of the pullback. The pullback retraced 38.2% of the previous fall. From there it has fallen down and has given a breakout from the channel on the downside. The fall has taken the form of an impulse and has formed a minor degree pullback that has formed a bearish flag pattern.
The base metal is also facing resistance near a medium term falling trend-line. Thus one can initiate a fresh short position with reversal above 847. The short-term target on the downside is the recent low, ie 787.50.
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MCX Nickel: The Multiple Hurdles
Published 07/04/2013, 08:31 AM
Updated 05/14/2017, 06:45 AM
MCX Nickel: The Multiple Hurdles
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