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...
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...
1. IF breakout, trade on the short side using the high of the breakout candle as SL
2. IF the neckline is rejected and there exist a bullish div in 2HR chart, take a long position on the next candle on confirmation of the rejection
Nickel has formed Inverse Head and Shoulder and have broke out once and retested again. Nickel is again crossed 975 and is ready for a upmove till 1050-1080.
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