Nickel momentum indicator turned bearish
Adjacent chart shows the price movement of MCX Nickel continuous contract. Nickel found resistance at the downward sloping trend line and witnessed a correction thereafter. It is likely to drift lower towards the swing low of 900 and subsequently towards 880. On the way up, 954 – 970 will act as a crucial resistance level in the near term. Any minor pullback shall be considered as selling opportunity. The daily momentum indicator turned bearish.