#MCX:NICKEL trading bullish and reached ATH,
Potential level marked on chart only for learning.
Also marked my trade details with entry and stop loss for easy reference.
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MCX Nickel is following the above uptrend channel from 23 Jan 2020. And making a good trade opportunity for commodity traders. Nickel's upward trend is not over yet. But we may see a downfall below the control price, and it can be up to 1686 - 1620 .
But what happens if it breaks the control price?
It's a 100% sign for a buy signal. But intraday or...
Nickel has started moving forward since March 2021. It will complete the 5th wave soon.
According to Elliott wave projection, MCX nickel can touch 1570 to end the 5th wave.
Intraday & short-term traders can buy nickel for the target of 1485.6 – 1506 – 1532 – 1550 – 1570 .
Here I have used the three most popular patterns, which are pitchfork pattern , bullish flag pattern , and double top pattern on MCX Nickel daily chart.
First of all, let's start with a pitchfork pattern. Nickel is running on the support line area. This movement indicates a continuous uptrend ahead.
The second thing is the bullish flag pattern, which also...
According to this chart, MCX Nickel is making a double top chart pattern. It's at risk of a bearish trend after double top formation. Wherein the first top at 1158.4 level, and the second top can be between the range of 1160 - 1176 .
If it's a second top, nickel will make a large false break pin bar here. That might be up to the 1176 level. Afterward, the...