MCX NICKEL: The fall in the Nickel prices continues although market participants await more news of development in China-US trade talks, nevertheless fresh positivity has washed-out after US President Donald Trump signed a bill in means of support of pro-democracy protesters in Hong Kong – sparkling China to lie in wait resolute stand actions. Validation the contract into regulation was anticipated. But it has now left investors to gamble on the ‘unwavering pledge measure’ China will take which would be adequate to harm trade talks. Increasing worries about a US-China trade deal weigh up on the base metals sector. Nickel prices shown steep falling since last few days as traders come to an end to junkyard the metal on uncertainties of a pathetic Chinese economy. Tomorrow it is China’s manufacturing and non-manufacturing obtaining managers’ indices are due.
MCX Nickel was opened gap down as the dark cloud over Phase one deal of US China trade war. It opened almost 1.5% lower at 1025 against yesterday’s closing 1039.10. It made a low of 1018 and high of 1029.60. This week MCX Nickel prices corrected more than 6% so far. As per the Bollinger Band it is trading below its median line as well slightly below its lower standard deviation line. RSI suggest it is in selling zone and currently it is at 27.27 level. For today 1037 can work as resistance level as well 1014 can act as support zone in Nickel.