Commodity Market Weekly Technical Report 19th Aug 2013:-
Nickel:-
Nickel on MCX has
been rising from Rs800 in last 3 weeks. Prices have given a breakout and closed
above its 50 weeks simple moving average of Rs898 for the first time in last 5
months, which is a short term bullish signal. We are expecting prices to move
up till Rs990 in next few days.
We recommend buying Nickel in dips till Rs900 for the targets of
Rs970 and Rs990. Positional stop loss should be placed below Rs880.
nickel bullish view turned out well. targets on the upside were achieved primarily due to rupee depreciation
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