Buy Mcx Nickel (May) @ 1335 SL 1315 TGT 1375 - Choice Broking
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NICKEL
* On the daily chart, MCX NICKEL (May) has sustained above the Golden Ratio, 61.8% Retracement Level of its prior fall from 1446 to 1145, which indicates bullish strength in the counter.
* Moreover, the price has also settled above Middle Bollinger Band formation & 100-Days SMA, which suggests a bullish trend for the medium term.
* Furthermore, the price moved above Ichimoku Cloud formation with positive crossover between Tenken Sen & Kijun Sen line on the daily chart,
* In addition, the volume activity has been rising gradually, which indicates that the bullish trend may continue further.
* Also, a momentum indicator RS! (14) & Stochastic showed positive crossover on the daily chart.
* Based on the above technical structure, we suggest a bullish movement in MCX NICKEL (May) towards the level of 1375 in the near term.
Buy MCX NICKEL (May) @ 1335 SL 1315 TGT 1375
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