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MCX Nickel Short Term Bullish

Posted by : Karan Hakim on | Feb 23,2015

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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Kotak Commodities is promoted by the Kotak family that has decades of experience in commodity trading, they have a full-fledged research division involved in macro & commodity complex research and commodity specific research. This is combined with a strong and well networked sales force, which helps deliver current and up-to-date market information and news. For more information visit their website. http://www.kotakcommodities.com/