Is Nickel Getting Ready for Bull Run?

Nickel February contract is looking very attractive on scale and it is likely to rally towards 1100 in coming days, areas of 990 are acting as strong resistance. MACD is hovering near zero line and giving a bullish cross over which would trigger a strong bullish momentum in coming days. appearance of CUP and handle pattern is also added advantage for nickel bulls and sustained rebound above 990-1000 zones would call for 80-100 rupees upside rally.

Recommendation: Traders can look for buying opportunities in this commodity on decline around 960-940 with closing stop loss of 930 for targeting 1080-1100 in near term.

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