MCX Nickel Consolidating triangle pattern
Adjacent chart shows the price movement of MCX Nickel continuous contract. Nickel is forming a triangle pattern as it is making the lower top and higher bottom pattern. It bounced back from the support line and is inching higher towards the resistance line which is currently pegged at 952. In the near term, 922 will provide support on the way up whereas 960 will be a crucial resistance level on the way up. Nickel
is likely to consolidate within 922 – 960 range in the forthcoming trading session. Nickel can drift lower towards 900 once it breaks below 922. On the flipside, nickel can inch higher towards 970 – 985 if it closes above 960. The daily momentum indicator is bearish.
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