Nickel continues its down trend
Wednesday, 6 January 2010
AHMEDABAD, Jan 05 (Commodity Online): Nickel Jan moved down 1.16 per cent today. Nickel opened at 878 and made a low of 865.6 and day's high of 881.8.
Total volumes for the day is 16103 lots and open interest is around 17460. Support for Nickel can be seen at 860 and 850. Resistance level could be at 890 and 900.
Nickel decreased from 908 to 865 in the last five days. RSI for Nickel is at 55 and its decrease is attributed to selling pressure.
Today US new home sales data is expected on lower side compared to the last month which will not support Nickel for upside in the short term.
Since the last two days Dollar is once again down and it again, is not supportive to Nickel.
"Technically, one can Sell Nickel at 880-890 with a stop loss of 900 for target of 860," said Hardik Shah, Research Analyst with Commodity Online.
"Fundamentally, Nickel is very strong. One can enter into a long position at 860 levels for long term," said Shah.
Total volumes for the day is 16103 lots and open interest is around 17460. Support for Nickel can be seen at 860 and 850. Resistance level could be at 890 and 900.
Nickel decreased from 908 to 865 in the last five days. RSI for Nickel is at 55 and its decrease is attributed to selling pressure.
Today US new home sales data is expected on lower side compared to the last month which will not support Nickel for upside in the short term.
Since the last two days Dollar is once again down and it again, is not supportive to Nickel.
"Technically, one can Sell Nickel at 880-890 with a stop loss of 900 for target of 860," said Hardik Shah, Research Analyst with Commodity Online.
"Fundamentally, Nickel is very strong. One can enter into a long position at 860 levels for long term," said Shah.