Monday, March 28, 2011

MCX Nickel Updates- Nickel Weakens On Selling Pressure

MCX Nickel March contract traded below 55 days linear regression which suggest short term weak trend. It tested lower levels of 1182.70 during the previous week.

MCX Nickel March contract opened at 1212.10 per Kg against previous close of 1216.70. It tested intraday low of 1192.70 and last traded at 1197. The contract faces resistance near 1245 while its support is seen near 1165.

Short term traders can sell MCX Nickel March contract near 1210 with stop loss of 1240 and can wait for target of 1170.


Posted By Commodity MCX Tips