NICKELQ2020 trade ideas
MCX Nickel Detailed Trend Forecast & TipsHere, I have used Elliott wave theory, Fibonacci Retracement, and MA ( 30 & 62 ) to identify the next move. At present, MCX nickel in a corrective wave. We may see a reversion bounce off here. It can be up to 38.20% to 23.60% of the retracement level. Wherein, 38.20% retracement level will act as a resistance and 50.00% vice versa.
In other words, nickel will start raising for 1076 - 1090 - 1100 level. Dynamic resistance breakout will lead the prices for a 23.60% retracement level. Intraday or positional trader can hold 1080 level.
If nickel breakout the strong support and 50.00% retracement level, don't buy. That can slip immediately for a 61.80% retracement level.
Also, don't forget to wait for a crossover of MA 30 & 62.
Sell Nickel Target 1067.5/1064
However main Stop loss at 1085. Risky traders please proceed.
* Disclaimer : I just shared my view. Please trade with you own and comfortable views.
Nickel looks like a good buy with small stop lossNickel looks like a good buy with small stop loss and great returns
Nickel Futures Analysis using Head and Shoulders patternAnalysis is based on head and shoulders pattern
Short on Nickel Futures (chart is at the peak of second shoulder)
This is a long term position (approx 6-8 months). Intermediate shorts can be taken with the help of support and resistance levels.
Target 1: 1057
Target 2: 972
Target 3: 910
Initial Stop Loss: 1160
R-0186 Commodity Future Buy NICKEL SEP @1124-1125 SL 1121 TGT Intraday Commodity Future Buy NICKEL SEP @1124-1125 SL 1121 TGT 1132
Reason:
Above VWAP and if it stays then we can see more upside there is already TK cross over and MACD cross over as well.
R-0166 Commodity Future Buy NICKEL AUG @1095.9-1096.9 SL 1091.Intraday Commodity Future Buy NICKEL AUG @1095.9-1096.9 SL 1091.80 TGT 1105
Above VWAP + TK cross over + MACD cross over GO LONG
R-0157 Intraday Commodity Future Buy NICKEL AUG @1073.2-1074.2 Intraday Commodity Future Buy NICKEL AUG @1073.2-1074.2 SL 1070 TGT 1081
TK crossover + MACD cross over
GO LONG
Nickel ‘battery’ demand on the rise. Nickel Bulls are really putting the work in recovering an impressive 22.5% from the pandemic March lows. Nickel has remained inside a multi-year rising channel (A) and is now facing a strong resistance hurdle before further upside is likely to resume (for the medium-long term).
Nickel mining companies are being urged to mine more nickel, as the Nickel ‘battery’ demand is forecast to increase by 14x over the coming years, with the rise of the electric vehicles playing a big part.
Here’s what Mr Musk himself had to say:
Musk promises 'Giant Contract' for efficiently mined nickel. Elon Musk has a plea for mining companies: "Please mine more nickel." "Tesla will give you a giant contract for a long period of time if you mine nickel efficiently and in an environmentally sensitive way,"
Any weakness around these current levels (1) will most probably result in a decline for the short-medium term and possibly a re-test of channel support. Above the resistance zone (1) could see prices revisit the September 2019 highs over the long term.
R-0125 Commodity Future Sell NICKEL AUG @1037-1038 SL 1043.50 Intraday Commodity Future Sell NICKEL AUG @1037-1038 SL 1043.50 TGT 1027
TK cross over on the downside
MACD bearish cross over
Icihmoku cloud break down
R-0115 Commodity Future Sell NICKEL AUG @1049.6-1050.6 SL 1053Intraday Commodity Future Sell NICKEL AUG @1049.6-1050.6 SL 1053.70 TGT 1042
TK cross over + MACD bearish cross over with good volume
R-0068 Intraday Commodity Future Buy NICKEL Intraday Commodity Future Buy NICKEL JUL @1009-1010 SL 1005.40 TGT 1018
TK cross over with huge volume and ichomoku cloud break out
R-0062 Buy NICKEL JUL @998.5-999.5 SL 994.30 TGT 1009Intraday Commodity Future Buy NICKEL JUL @998.5-999.5 SL 994.30 TGT 1009
TK cross over on 30 min chart so looks bullish on short term chart.
R-0051 Intraday Commodity Future Sell NICKEL JUL Intraday Commodity Future Sell NICKEL JUL @1003.5-1004.5 SL 1006.70 TGT 998
TK cross over on the downside so looks ready for more correction.
Nickel is very close to breakout or breakdown based on the chartNickel is very close to breakout or breakdown based on the chart
Nickel Intraday Calls with Elliott Wave Theory on 15M ChartI will update more information about Nickel soon.
NICKEL MCX A GREAT CHANCE TO BUY FOR HIGH RETURNS MCX NICKEL SHOWING UP UPWARD RALLY SOON AS DEMAND FOR THIS HAS INCREASED DUE TO VARIOUS REASONS THERE WE HAVE GOT A VERY GOOD PRICE TO TAKE THIS ENTRY AND DONT WANT TO MISS IT. NICKEL
