MCX Nickel to change its trend

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MCX Nickel (Daily Continuous chart)


MCX Nickel tumbled from the top of 816 levels to mark a low of 558 in the month of June 2017. However, the trend which was earlier negative have shown a reversal. It will be early to judge the reversal but with the combine techniques of advance and basic technical studies, it is easier to jump on the conclusion.

From the above daily continuous chart, the industrial metal has started forming a higher highs and higher lows. Prices which made a high of 586 (showed blue line) was crossed and later when it corrected it halted above 568 (showed red line). The moving averages which is a lagging indicator has given a bullish crossover after a bearish crossover in the month of March 2017, indicating that prices will move in the north. One of the popular indicator RSI has also moved in a positive direction after giving a positive divergence, currently it is above the center line.

As per advance technicals which is Wave theory, prices have completed zigzag pattern (a-b-c) which started from 816 levels down till 558. In wave c of wave v, prices formed a expanding diagonal and later it moved in a positive direction. According to Fibonacci projection, wave c of zigzag was 100% of wave a, thus giving an indication that the downtrend will halt and prices is expected to turn.

In short, the industrial metal will move till 620-630 levels in near term as far as 558 in protected on the downside. The bias is firmly positive for Nickel.

Disclaimer: The above analysis is only for the study. No trade shall be executed from the above study.

Comments

Phani Kumar said…

Hey, thanks for the information. your posts are informative and useful.
Jonjua Overseas
31 July 2020 at 14:52
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