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Nickel Support At 1033 Levels: Sharekhan

Published 04/22/2014, 07:45 AM
Updated 05/14/2017, 06:45 AM
The adjacent chart shows the price movement of MCX nickel on the continuous chart. Nickel has done a sharp pull-back in the last few weeks. In terms of the Fibonacci retracement the pullback has retraced more than 50% of the previous fall and is heading towards the 61.8% retracement mark ie 1,122.




The short-term as well asmedium-term momentum indicators are in line with the pullback. If the bulls manage to stretch beyond the 61.8% retracement mark then the price can extend till the 78.6% retracement mark ie 1,212. On the flip side, the swing’s low on the daily chart ie 1,033 will act as a key support.

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