Nickel momentum indicator turned bearish

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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.

momentum indicator turned bearish

 

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