Nickel - Readying for second leg up!

The followers of my blog would have benefitted from the Nifty view ... Nifty did close near to the indicated down target of 5050 and has further weakened in afternoon trades today... I am sure most of you would have taken profits home . . . If not then remember the saying "One in hand is better than two in the bush"

Well as I watch multiple markets at a time, I presume the metals are again readying themselves for a second phase of up moves.. Copper, Zinc and Nickel especially . . .

I had indicated entry in Nickel in June at Rs 600 + levels on the triple bottom formation.. the target being Rs 900/- .. The target was achieved and surpassed as it tested Rs 1000/-.



Now it seems to be readying for another upmove... The advanced indicators (not shown here) are suggesting increasing momentum once it breaks above Rs 915/- .. Keep a stoploss at Rs 830 and target a price of 1135 initially and then Rs 1200 + ..

Multiple Market traders may want to shift focus from equities to commodities ... And yes we sure had a nice decent move in the USD INR in past few days. . .

CA Rajiv D Khatlawala
Valuetrade Academy Pvt Ltd.