Commodity Trading Tips for Nickel by KediaCommodity

NickelNickel yesterday traded with the negative node and settled -0.57% down at 974.8 tracking LME prices though downside was limited as positive news came out of the euro zone that Greece won further bailout package, while the US economy continues to recover. Risk appetites in financial markets thus are heightening, boosting base metals. The International Monetary Fund (IMF) approved the second round of Greek bailout package worth EUR 28 billion, which offset negative impact from Standard & Poor’s announcement that Greek selective default rating shall remain unchanged and from Fitch's adjustment of Bank of England’s credit rating outlook into negative. Meanwhile, base metal prices also draw support and largely closed with gains from better-than-expected manufacture data from the US. Positive news in Europe helped alleviate a chaotic Greek default. The Standard & Poor's confirmed Greece's credit rating March 15, saying it was positive towards the country's outlook following the Greek debt swap deal. Meanwhile, the International Monetary Fund (IMF) approved Greek bailout package worth EUR 28 billion, meaning Greece can immediately get EUR 1.65 billion loans. In yesterday's trading session nickel has touched the low of 968.6 after opening at 979, and finally settled at 974.8. For today's session market is looking to take support at 968.6, a break below could see a test of 962.5 and where as resistance is now likely to be seen at 980.9, a move above could see prices testing 987.1.

Trading Ideas:

Nickel trading range for the day is 962.47-987.

Nickel dropped tracking LME prices though downside was limited as positive news that euro zone that Greece won bailout package

International Monetary Fund (IMF) approved Greek bailout package worth EUR 28 billion

S&P's confirmed Greece's credit rating, saying it was positive towards country's outlook following Greek debt swap deal