MCX Nickel: Bearish Outlook
CommodityOnline | Jun 27, 2013 07:22AM ET
MCX Nickel has recently done a channelised pullback. Within the channel it formed a triangular pattern and broke out on the upside to form the third leg of the pullback. The pullback retraced 38.2% of the previous fall. From there it has fallen and has given a breakout from the channel on the downside.
The fall has taken form of an impulse; thus a minor-degree bounce till 842 is possible. At that level one can initiate fresh short position with reversal above 864. The daily momentum indicator is in a bearish mode. The short-term target on the downside is the recent low, 787.50.
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