Nickel Weekly Outlook

Base Metal prices ended mixed as copper and aluminium ended with gains of close to one percent while other metals including Nickel, Lead and Zinc ended down with losses of anywhere between almost 3 percent from long week high levels.

Today, Nickel February delivery contract fall by 0.26 percent to 1245.70 per Kilogram at Multi Commodity Exchange (MCX). Nickel price find disappointing moment to cross current week higher levels.

In US, durable goods orders rose while the jobless claims declined indicating improving economic conditions. However new home sales declined along with continued decline in house prices. For the moment, Nickel future looks weak below 1300 rupees per Kilogram. Nickel expected to drop till 1212 in coming weeks if price failed to sustain above 1270 rupees per Kilogram.

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Nickel Tips- Nickel Might Rise Further

MCX Nickel February contract has been on continues buying mode since last three weeks. It made a high of 1310.80 per kg during this week. MCX Nickel future prices remained above 55 days linear regression.

MCX Nickel February contract opened at 1294.20 per kg. It tested intraday high of 1299 and last traded at 1288. Buying is seen continued in Nickel at 1240-1250 levels. The contract faces resistance near 1350 while its support is seen near 1230.

Positional traders can buy MCX Nickel February contract near 1260 with stop loss of 1225 and can wait for target of 1340

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