MCX Nickel Short Term Bullish

MCX Nickel prices have been trading in a falling wedge pattern forming lower tops lower bottoms. Prices after making low at Rs.880 traded higher and failed to break long term support line S. Recently prices have given strong reversal from support line S at Rs.880. We expect nickel prices to trade higher in short term eyeing target towards resistance line R. Hence we recommend to go long in MCX Nickel on decline towards Rs.890 for the target at Rs.950.

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