MCX Nickel Elliott Wave Analysis and Technical Analysis

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 MCX Nickel daily continuous chart

As shown in the above daily chart, prices are moving in a higher highs and higher lows and can move higher from current levels to test the resistance of the rising channel as the positive formation is intact. Daily RSI has sill vacuum to move inside the overbought terrain.

From Waves perspective, prices are moving in wave b or a new wave pattern. So as per the former analysis prices are expected to move in wave c which can lead it till 1400-1420 levels. If it is as per the latter analysis then it is likely to cross its previous high.

The summation is prices are all set to test its resistance which is placed at 1400-1420 levels over short term with support placed at 1270 on closing basis.

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