MTECHTIPS MCX NICKEL INTRADAY trading analysis 01-02-2016

(Before It's News)

MTECHTIPS MCX NICKEL INTRADAY trading analysis 01-02-2016

MCX Nickel has support at 576 and resistance at 600. Two consecutive closes above 600 will take to 618—625 and then to 640+ mark. Further upside rally seen only weekly close above 640 mark else It could test its support level of 576 again. Two consecutive closes below 576 will see further downside panic till 555—542 and then to 529 mark. Three consecutive closes + weekly close below 529 will see free fall in Nickel. At this stage, it looks choppy and has no clear direction. MACD and RSI shows positive diversion on daily chart and chances are bright for reversal from lower levels. So traders remain cautious at lower levels and trade in a range with levels only. 

WWW.MTECHTIPS.COM

07489294118-119

• MTECHTIPS MCX COPPER INTRADAY trading analysis 01-02-2016
• MTECHTIPS MCX SILVER INTRADAY trading analysis 01-02-2016
• MTECHTIPS MCX GOLD INTRADAY trading analysis 01-02-2016
• MTECHTIPS:-Gold prices edge lower in early Asia ahead of PMIs from China
• MTECHTIPS:-NYMEX crude down in early Asia with China manufacturing PMI eyed
• MTECHTIPS:-Natural gas futures – weekly outlook: February 1 – 5
• Mtechtips MCX-SX USDINR INTRADAY trading analysis 01-02-2016 Mtechtips USDINR failed to hold its gain for second consecutive week and retraced from the high of 68.5575 after the Bank of Japan introduced negative interest policy to fight the slowdown, while dollar index rebounded from the low 98.45 and settled at 99.60. Initially, dollar index was tumbled towards 98.45 in response to the Federal Reserve’s dovish policy statement, where interest rates remained unchanged.Technically, USDINR having strong resistance of 68.75 which is coincide with 161.8% Fibonacci Retracement of previous swings and it’s expect that any rise towards 68.45-68.55 could attract huge selling pressure unless pair gives a closing above 68.75. On the other hand, a break above 68.75 on a daily closing basis may pave the way for a test 69.00-69.45. Sell around 68.45-68.55. Target 68.10-67.75. Stop loss above 68.75 (LTP : 68.10) Or Buy above 68.80 Target 69.10-69.40. Stop loss below 68.55 WWW.MTECHTIPS.COM 07489294118-119
• MTECHTIPS NCDEXPACK PERFORMANCE LINK CLICK HERE
• MTECHTIPS MCX SUPERGAIN PERFORMANCE LINK CLICK HERE
• MTECHTIPS MCX PACK PERFORMANCE LINK CLICK HERE