Tuesday, March 15, 2011

MCX Nickel Updates

MCX Nickel March contract has been on correction mode since last week. It tested lower levels of 1151.90 during the previous week. It traded below 21 days exponential moving average which suggests nickel future prices are likely to fall further.

MCX Nickel March contract opened at 1167.50 per Kg. It tested intraday low of 1132 and last traded at 1144 down by 29.60 rupees. The contract faces resistance near 1190 while its support is seen near 1110.

Short term traders can sell MCX Nickel March contract near 1160 with stop loss of 1192 and can wait for target of 1120.


Posted By Commodity MCX Tips