Dealmoney - Commodity & Currency Weekly Report - 20-Jan-20
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Nickel (1020)
Sell Nickel @ 1020 SL 1040 TGT 990
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Nickel after substantial rise from low of 960 levels to 1056 price was trading in range
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After accumulation phase between this range of 1010 to 1056 Nickel is showing sign of weakness
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Last week we saw levels of 1056 attracted profit booking and there was sharp correction to 1010 levels
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In this fall price breached 50 DMA and formed strong bearish candle
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We expect Nickel will find difficult to again move up from these levels & there could be some more fall towards 990 levels first