MoneyMunch.com

MCX Nickel is following the above uptrend channel from 23 Jan 2020. And making a good trade opportunity for commodity traders. Nickel’s upward trend is not over yet. But we may see a downfall below the control price, and it can be up to 1686 – 1620.

But what happens if it breaks the control price?

It’s a 100% sign for a buy signal. But intraday or short-term investors should confirm that breakout before proceeding. And they must look out for candle’s fakeout. Afterward, be ready for the targets of 1800 – 1840 – 1876+.

Would you like to get our all commodity updates instantly? We have an option for you.
Click Here: Free Commodity Tips

Do you want to get Premium Calls only?
Click Here: Premium Commodity Tips

If you have any questions or concerns about Commodity Market then contact by following ways:
Email: support@moneymunch.com
Phone: +91 903 386 2706

Have you any question/feedback about this article? Please leave your queries in the comment box for answers.

TARGETS:
Traders can initiate short positions for the following targets:
2400 – 2376 – 2301 – 2279

BUT DON’T TRADE BLINDLY. Read this following research to get how it is making selling opportunities for the intraday traders.

PEL is forming a double combination pattern on the 4-hour timeframe chart. Price has constructed LL(lower-low) and LH(lower-high) to confirm the bear’s existence.

Wave Formations:
Wave (W) is a double zigzag formation with seven wave structures.
Wave (X) is a contracting triangle with five sub-wave structures.

Wave (Y):
Sub-wave wave A & B has occurred, and wave C is progressing.
Sub-wave B has completed at 61.8% Fibonacci retracement of wave A at 2531.

The culmination point of wave C:
Wave C can end at 61.8% of wave A at 2279.
Wave C can cease at 50% of wave A at 2333.
Wave C can conclude at the control line, and 61.8% of wave ((W)) at 2376.
After completion of wave C, the price will start its bull run.

Invalidation: For premium subscribers only.