Nickel Short Term Bullish, Buying On Dips Is Advisable
CommodityOnline | Apr 11, 2014 01:47AM ET
MCX Nickel price has been trading within the Download-sloping trend line (R) since the past three years forming lower tops and flat bottoms (S). The price has recently broken the previous top and channel resistances (R) at Rs 1004. A test of immediate resistances at Rs.1086 (previous top) level looks possible in the short term. Holding above Rs 1004 can trigger further rally till Rs 1113.
The 14-period RSI is currently pointing higher and holding well above the 50 marks indicates further bullish momentum.
As long as the price sustains above short-term channel resistances line (R) at Rs.970 level on a daily closing basis, Buying on dips is advisable.
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