2 MCX Tips - Nickel Future


Nickel market  looks bearish in the short term, with traders in China delaying nickel imports and returning at a discount metal that they had bought as China’s stainless steel mills continue to reduce production, said a United States based brokerage and clearing firm. According to the firm, China accounts for around 45% of global nickel demand and some 25% of total global nickel supply. All in all, it may still be too early to say that we have seen an absolute bottom put in for the nickel price.

We recommend to short Nickel below 845 for a target of 788 or lower with a stop loss of 862.

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2 comments:

  1. Call did not executed. Nickel has now reversed with strong Bullish engulfing candle so please wait for breakout and then only we will short.

    ReplyDelete
  2. Nickel Is still bearish on charts and this can be used as an opportunity to short nickel on every rise.

    ReplyDelete

Thanks for giving your valuable inputs, TRENDGURUS

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