NICKEL SLUMPED TO DECEMBER LOWS AT MCX
Date: 26/3/2012
Nickel slumped by 1.3% or R 11.9 at R 934.5 per kg on Friday, 24th March with its intraday high at R 951.4 per kg and low at R 933 per kg. Nickel shed for the third consecutive day to its early December lows at MCX as the concerns over the Chinese demand growth and gloomy stainless steel demand from china hampered the metals.
The open interest added by 19.4% to 30,650 lots and volume traded stood at 60,394 lots compared to 43,752 lots traded last day. Presently, the contract was trading below 9-day EMA and found to be oversold region with its RSI at 28.9.
Nickel shed by 0.9% at $18,350 per tonne on Friday at LME ended with a huge weekly loss to its early December lows.
Nickel is likely to find support at R 929 per kg and R 923 per kg and resistance at R 948 per kg and R 963 per kg on Monday, 26th March.
At LME, Nickel ended lower by 1.5% to $19,950 per tonne. The Fed chairmen bleak view on US economy snapped the earlier gains and tempered even the ECB second time long term refinancing.
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