On analysis of the movements of Nickel futures in different time frames, I find that the Nickel Futures look indecisive, after taking sharp volatile moves during the last three trading sessions of the previous week; and look to have an eye at the upper consolidation zone from $11570 to $12587. Although, formation of a bearish hammer candle in an hourly chart before the weekly closing is evident enough for growing volatility ahead amid continuity of selling pressure, but I find Nickel futures may be a good buy only at the lower levels, below $10344 with a Stop Loss order at $9974 for a target above $13465. No doubt that the opening level on the first trading session of the Week will play a decisive role in defining the further directional moves of the Nickel futures, but a sustainable move above the level of $11995 will confirm an upward move of Nickel futures. Let’s have a look at the movements of Nickel futures in the following charts.
Disclaimer: This analysis is only for educational purpose. Readers are requested to kindly consider their own view first, before taking any position.