Trading View: MCX Nickel is trading is just below 50 day MA and 100 day MA

By: Admin
4 weeks ago
17612

Insignia Consultants

New Delhi

Monday, April 12, 2021 TIME 09:10 AM IST                                 

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Trading View: MCX Nickel is trading is just below 50 day MA and 100 day MA

MCX Nickel April 2021:  (CMP Rs.1231.00)

Supports: 913.00, 1055.00, 1084.00, 1129.00. 1180.90 Resistances: 1286.00, 1359.00, 1378.00, 1417 and 1508.00.

Thirty day Nickel View: 

  1. Fifty day moving average: Rs.1266.40
  2. One hundred day moving average: Rs.1267.50.
  3. Two hundred day moving average: Rs.1180.90.

Two hundred day moving average around 1180.90 is the immediate support. Nickel needs to trade over two hundred day moving average to be in a short term bullish zone and rise to 1317.70, 1382.70 and 1512.70.

Only a daily close below 1180.90 for four consecutive days will result in a short term bearish zone to 1122.70, 1080 and 958.50. Medium term fundamentals and long term fundamentals are bullish. Short term correction, crash by whatever name called should be used to invest. I cannot rule out a very sharp short term correction in Nickel.

(prices are in Indian Rupees above)

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees  have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading.Website www.insigniaconsultants.in. Prepared by Chintan Karnani. Customer care, whatsapp/telegram 9311139549

Disclosure: Members, employees, directors, clients and all other people associated with “Insignia consultants” do trade in MCX metals and energies. They may or may not have positions on the trading strategies mentioned in this report. They may also have open positions in MCX metals and energies futures in trading strategies other than those mentioned in this report.

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NOTES TO THE ABOVE REPORT

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