MCX Nickel Elliott Wave forecast

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MCX Nickel daily continuous contract


MCX Nickel hourly continuous chart



In the above daily chart of Nickel, prices have given a bearish break in a rising trend line which was acting as a support, currently the metal is trading near to it and it is now trading in a stiff range. As lower highs and lower lows are intact the bias remains negative.

In hourly chart, the metal is moving in a falling channel, with capping at 920 it is likely that it will move down till 780-750 levels. RSI which is in deep overbought zone is also relieving from this zone.

As per wave theory, Nickel  is moving in complex correction pattern (a-b-c-x-a-b-c) as of now it is moving in wave c of second correction which can have a dynamic fall in coming trading sessions.

The summation is, prices have a resistance at 920 levels, but looking at the structure it is likely that the metal is bound to sink below its previous low and mark a new one. The support zone for this metal is at 780-750 levels.

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Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful. I am regularly following your posts.
Nifty Short straddle

17 July 2020 at 15:44
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