NICKEL – 957.80

Nickel, after one and half months rally from low of 852 to high of 980, showing an initial sign of waning.  As we can see in below attached chart that, recently Nickel has broken its one and half month rising trend line.  Secondly, momentum oscillator MACD has given Bearish Convergence on daily chart, as well we can see that RSI is trading almost flat from last few days.  This gives us initial sign that momentum is waning, and if you are holding long Nickel than better book your partial profits here.  Confirmation of weakness comes in as and when Nickel close below 950 levels, and this will be the point where we like to go short in the counter, strategy should be taken according to risk appetite of individuals.

NICKEL AS ON 21 DEC 2012

NICKEL AS ON 21 DEC 2012

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  • Nickel gradually moving down,,,as on 28/2/2012 closed at 940 after making a low of 936