Insignia Consultants
New Delhi
Tuesday, 19 November 2019
TIME
10:02 AM IST
----------------------------------------------------------------------------------------------------------------
MCX
NICKEL REPORT
Current
price 1096.20 (MCX nickel November)
Bearish
case: 100% retracement is at
1090 for MCX Nickel November. There will be another wave of sell off below 1090
to 1074-1049 and 1018. A daily close below 1090 (if any) for two consecutive
days will result in 1030 and 969.40 by the end of the month. Bullish case: Nickel needs to trade over 1110-1120 zone to be in short term bullish zone. Long term bullish trend is still intact. Nickel on long term is still highly undervalued.
Trading strategy: Assuming some undershooting if nickel trades below 1090, I will prefer to go long around 1060 with a stop loss below 1037.10 for next week. New long term investors wait and watch till Thursday and then decide on the investment price.
Disclaimer: Any opinions as to the commentary, market
information, and future direction of prices of specific currencies, metals and
commodities reflect the views of the individual analyst, In no event shall
Insignia Consultants or its employees have any liability for any losses
incurred in connection with any decision made, action or inaction taken by any
party in reliance upon the information provided in this material; or in any
delays, inaccuracies, errors in, or omissions of Information. Nothing in this
article is, or should be construed as, investment advice. All analyses used herein
are subjective opinions of the author and should not be considered as specific
investment advice. Investors/Traders must consider all relevant risk factors
including their own personal financial situation before trading. Websitewww.insigniaconsultants.in. Prepared by Chintan
Karnani
Disclosure: Members, employees, directors, clients and all other people
associated with “Insignia consultants” do trade in MCX metals and energies.
They may or may not have positions on the trading strategies mentioned in this
report. They may also have open positions in MCX metals and energies futures in
trading strategies other than those mentioned in this report.
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NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE
SPECIFIED
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PLEASE
NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE
USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
THE
TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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