Published on 28/10/2021 3:35:45 PM | Source: Choice Broking

MCX Nickel (Nov) future has been rising continuously in Rising Wedge formation - Choice Broking

Posted in Commodities Reports| #Commodity Tips #Choice Broking

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On a weekly chart, MCX Nickel (Nov) future has been rising continuously in Rising Wedge formation from last couple of weeks. Although, the price has got a rejection from the upper line of the pattern which indicates a bearish reversal in the counter for the near term. In addition, it has also reversed from the upper Band of Bollinger with Shooting Star candlesticks, which confirm further reversal in the counter. Moreover, an oscillator Stochastic is also supportive for the short position with negative crossover. Furthermore, In LME division Nickel has also faced strong resistance of 20755. However, on a four hourly chart, the price taking support of lower Band of Bollinger, which indicates a slight recovery in the counter.Hence, based on above technical structure, we are recommending sell on rise strategy in MCX Nickel (Nov) future, so one can initiate a short position in MCX Nickel (Nov) future around 1540 or a rise in the price till 1545 levels can be used as selling opportunity for the downside target of 1480. However, the bearish view will be negated if MCX Nickel (Nov) future close above the resistance level of 1571.



On a weekly chart, MCX CPO (Nov) future has been rising continuously in a bullish channel with Higher Highs and Higher Lows formation from the last couple of weeks. In addition, the price has trading above the 50 Exponential Moving Averages&Ichimoku Cloud which point out a positive trend for the medium term. Moreover, the trend indicator Parabolic SAR is also indicating a bullish trend. On a daily chart, the price has also formed a Bullish Flag pattern, which suggests bullish strength. Hence, based on the above technical structure one can initiate a long position in MCX CPO(Nov) future at CMP 1120, or a fallin the price till 1110 levels can be used as buying opportunity for the upside target of 1180. However, the bullish view will be negated if MCX CPO (Nov) future closes below the support level of 1085.



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