Nickel Looks Exhausting at this Level

Nickel looks exhausting at this level

Update : 08/08/2019 at 6:40 AM

After reaching near first target of 1040 (1041.70) nickel bounced back  strongly and the pace  was very momentum, my SL of 1073 has triggered after first target. Nickel looking very strong, I think there are some strong reasons which are supporting nickel price boom. So, avoid further sell side position in nickel  till the clarity.

After bulls run and correction, Nickel is again near its recent high and trying to rest and not to cross the high. If this situation continues today and don't cross the recent high of 15,120 on LME, then it may go down again this week.

On MCX although Nickel broke the recent high of 1050 due to rupee weakness but looks now exhausting between 1065-1070 range. So, my immediate SL would be 1072+ and Target would be 1040,1020,1010,1000,980,970... This will be a short-term trade for this expiry of Aug contract.
Risk-reward looks favourable at this level and a sell side trade can be generated between 1060-1065 range with the stop-loss of 1072 or 1075.
 If Nickel breaks and sustain above 15,120 on LME the further upside moves come towards 15.840, 16,000.

Disclaimer : This is just my analysis seeing the Nickel moves on LME. TRADING is a risky business so  trade with cautious and proper analysis with the RISK capital only and always place a SL in your trade.