MCX Nickel to change its trend

-
MCX Nickel (Daily Continuous chart)


MCX Nickel tumbled from the top of 816 levels to mark a low of 558 in the month of June 2017. However, the trend which was earlier negative have shown a reversal. It will be early to judge the reversal but with the combine techniques of advance and basic technical studies, it is easier to jump on the conclusion.

From the above daily continuous chart, the industrial metal has started forming a higher highs and higher lows. Prices which made a high of 586 (showed blue line) was crossed and later when it corrected it halted above 568 (showed red line). The moving averages which is a lagging indicator has given a bullish crossover after a bearish crossover in the month of March 2017, indicating that prices will move in the north. One of the popular indicator RSI has also moved in a positive direction after giving a positive divergence, currently it is above the center line.

As per advance technicals which is Wave theory, prices have completed zigzag pattern (a-b-c) which started from 816 levels down till 558. In wave c of wave v, prices formed a expanding diagonal and later it moved in a positive direction. According to Fibonacci projection, wave c of zigzag was 100% of wave a, thus giving an indication that the downtrend will halt and prices is expected to turn.

In short, the industrial metal will move till 620-630 levels in near term as far as 558 in protected on the downside. The bias is firmly positive for Nickel.

Disclaimer: The above analysis is only for the study. No trade shall be executed from the above study.

Comments

Phani Kumar said…

Hey, thanks for the information. your posts are informative and useful.
Jonjua Overseas
31 July 2020 at 14:52
Post a Comment

Popular posts from this blog

Nifty in Ending Diagonal Pattern?

-
Image
 Nifty Daily chart Analysis Nifty is currently exhibiting a pattern of higher highs and higher lows, indicating a positive trend. While there is no immediate sign of reversal, there are indications suggesting that the current upward momentum may be losing steam. According to the Elliott Wave theory, there are signals suggesting the formation of a distribution pattern, specifically an ending diagonal pattern. However, this pattern is still unfolding, with one leg remaining on the upside, potentially pushing the index to new all-time highs within the range of 22300-22400 levels. Once this leg concludes, there could be a reversal in the trend. In summary, Nifty is anticipated to climb further from its current levels and may reach a new all-time high in the range of 22300-22400. However, after reaching this peak, a reversal could occur, potentially leading the index down to the range of 18000-19000 levels. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter hand...
Read more

Gold Anticipated Happned

-
Image
 Gold anticipated on 14th Oct 2023 Gold happened on 28th Nov 2023 Analysis In my prior article, I noted that "Gold prices have the potential to climb higher and may reach the $2025-2030 range in the short to medium term." The yellow metal indeed surged towards $2150 levels, surpassing my projected range of $2025-2030 when it was initially trading at $1933 - the anticipated outcome. To read my previous article on Gold, click on the link below https://www.marketanalysiswithmeghmody.com/2023/10/gold-and-elliott-wave-counts.html Presently, prices are following a flat pattern, having completed wave a of wave b, and this wave b is identified as a flat. The next movement could reach a minimum of 80%, translating to $2090 levels, or it might extend to $2150 levels or beyond. Clear-cut indications point towards prices fluctuating within the $2100-2150 range. Currently, prices are recorded at $2053 levels. To sum up, Gold prices display a positive outlook and are expected to fluctuate ...
Read more

ACC: Neo Wave Diametric pattern

-
Image
 ACC daily chart As shown in the above chart, prices are moving in a sideways direction after a stupendous rally, this sideways pattern are a sign of caution as there are high chances of a distribution pattern happening at higher levels. Wave theory suggests that, prices are moving in a Neo Wave Diametric pattern, which is a seven leg pattern (a-b-c-d-e-f-g) and in wave g there is a high possibility of a triangle pattern. Once wave g is over, prices are expected to falter till 1850 levels. The summation is ACC can move down till 1850 levels over short term, once the level of 2100 is broken decisively.
Read more