Commodity Technical Pick - 13 Sept 2016

Technically, Nickel is forming dead cat bounce pattern on daily chart having resistance at 609--700 while we consider 650--640 as major support for Nickel. 

Nickel already falls from 734.30—648.20 and now it is forming dead cat bounce pattern. If everything goes right then we will see downside panic in Nickel till 630---610 and then to 555 mark in days to come. 

MACD and RSI on daily chart too indicate negative diversion and chances are bright that it will break and sustain below 650 marks but trade with levels only. Nickel has crucial support at 650. 

Three consecutive closes + weekly close below 650 will take to 630---610 mark and then to 555 in coming weeks. On seeing chart and current levels we will not recommend our positional traders to buy Nickel at these rates but we will find an opportunity to grab at lower levels. 

Nimble traders can sell and accumulate Nickel in around 650--640 with stop loss above 690 on closing basis for the target of 555--530.

Recommendation - Sell Nickel around 650--640  Stop loss 690 , Target 555--530.  Lot Size - 250

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