MCX Nickel Report: 3rd December 2019

Insignia Consultants

New Delhi

Tuesday, 03 December 2019

TIME 8:48 AM IST                         

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MCX NICKEL REPORT AND INDUSTRIAL METALS UPDATE

Nickel deficit will increase in 2020 as well as per various reports. Short term corrections should be used to invest in Nickel. Industrial metals (overall) are falling due to apprehensions over US-China trade deal. Interference in Hongkong by USA has ensured that the US-China relations will remain in “damage mode: even if there is a trade deal. Traders are on the sidelines. They are not taking aggressive new long positions in any industrial metals at the moment.  One needs to be prepared for big trend changing moves in copper, zinc and nickel anytime by next week. Industrial metals will continue to be cyclical play for traders even in 2020.

Current price Rs.1009.90 (MCX NICKEL December 2019)

  • 100% retracement is at 978.50. Nickel needs to trade over 978.50 to rise to 1049.50 and 1160 in the short term.
  • Crash or another wave of sell off will be there below 978.50 to 961.50 and 922.00.

 

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

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