MCX Nickel breakdown triangle pattern

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Adjacent chart shows the price movement of MCX Nickel continuous contract. Nickel saw a sharp fall after witnessing a breakdown triangle pattern. Nickel has resumed its downtrend as it has broken below the swing low of 900. On the way down, nickel is likely to drift lower towards 880 – 860 in the forthcoming trading sessions. The short-term trend will remain bearish as long as it does not close above 922. The daily momentum indicator is bearish.

breakdown triangle

MCX Trend

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