December 12, 2017

MTECHTIPS

MTECHTIPS:Nickel to trade negative; target Rs 935

According to the research firm, the metal is expected to trade with a negative bias for targets of 935, which is the 20-week simple moving average,and 920, which is the swing low.The chart is of MCX nickel January contract. We can observe that nickel has been correcting sharply after breaking down from an ending diagonal pattern it had formed. It is currently trading below the crucial support placed at the 20-day simple moving average. The momentum indicators have a negative crossover, which supports our bearish bias on the metal.The reversal of the bullish stance is placed at levels above 963, which is the 20-day simple moving average.

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