NI1! trade ideas
NICKEL (26 FEB) MAY MOVE UPSIDE NICKEL ( 26 FEB) is moving in bullish trend from last few days. In an hourly chart RSI(14) is moving above the 60 which suggests a bullish strength we can initiate long position near 1349-1345 and it make take support of the 1341, upside it may bounce back till 1369. MCX:NICKEL1!
Disclaimer: it's my view just for study purpose.
MCX Nickel Parabolic Curve Pattern & TipsThis is MCX Nickel weekly chart. Price projection is based on Parabolic Curve & Fib Retracement.
As mentioned in the chart, At the end-point of Base 3, indicated by the "X" symbol, the nickel could double in the shortest period of time. Targets: 1426 - 1632 - 1778 - 1854 - 1962 ( 2.618 - Based on Fib Retracement ).
If nickel breaks the curve line, it can collapse up to "X" or base 3 deep. Hence, we can see the following targets from the selling point: 1130 - 1050 - 960 - 850 and below .
Remember, trade with the direction of the breakout. And stop-loss above/below breakout level.
