MCX nickel: Go long if it rallies above ₹1,335
Yoganand D
BL Research Bureau |
Updated on
June 02, 2021
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A break above the current resistance level of ₹1,335 will take the contract northwards to ₹1,400
The June month futures contract of nickel on the Multi Commodity Exchange of India (MCX) increased one per cent to ₹1,333 per kg on Wednesday.
The contract is now testing short-term resistance at ₹1,335 levels. A conclusive breach of this hurdle will reinforce the bullish momentum and underpin the uptrend that started from the significant base at ₹1,145 levels in late March this year. Following a minor corrective decline in mid-May, the contract found support at ₹1,217 and now trades well above the 21- and 50-day moving averages. The daily relative strength index is on the brink of entering the bullish zone from the neutral region.
Gold Price Today: Yellow metal traded high on Tuesday
Gold and silver prices witnessed a marginal hike on the Multi Commodity Exchange (MCX) on Tuesday, with gold futures recording an increase of Rs 261 or 0.53 per cent and were at Rs 49,049 per 10 grams.
Both the precious metals were trading on the higher side.
With the silver futures maturing on July 5, the price stood at Rs 72,500 per kg, witnessing a hike of Rs 701 or 0.97 per cent on Tuesday. On Monday, the prices of precious metals had touched a new high after observing a dip last week.
Promoted
While the gold rates stood at Rs 48,542 per 10 grams on May 31, 2021, the silver rates were Rs 71,611 per kg on the MCX.