Special Technical Report

Monday | September 10, 2012

Content
Special Technical Report on MCX Nickel Strategy / Recommendations

Prepared by Research Team

Technical Team Anuj Gupta - Sr. Technical Analyst Anuj.Gupta@angelbroking.com (022) 2921 2000 Extn. 6137 Technical Team Dhanik Shah - Sr. Technical Analyst Dhanik.Shah@angelbroking.com (022) 2921 2000 Extn. 6129

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Special Technical Report

Monday | September 10, 2012

MCX Nickel September Contract

On above MCX Nickel September contract Daily price chart, Nickel broke out of last 10 trading sessions high, simultaneously it broke the downtrend line drawn from the peak it formed in July. According to the chart patterns we can see that the prices has breached the Triangular Pattern on the upside with good volumes and trading above it, a bullish indication. On the indicators front, RSI is hovering around 68 and rising, likewise MACD is in positive territory and rising. Additionally, Prices are trading above its 9 and 21 Day EMA consistently which is supportive for the Bulls. Hence, the combinations of Triangular pattern Breakout along with trend line break, and Indicators favoring upside we recommend a Buy. Support Levels: 884 / 850 Resistance Levels: 960 / 990 Strategy / Recommendation: Buy MCX Nickel Sept between 916 - 926, SL - 884, Target1 - 992 & Target2 - 1010 Time Period: 5-10 Days

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