Intraday Forecast for MCX Nickel on 8th November
I observed a Price Action bearish signal in MCX Nickel on the daily price chart of Nickel on 5th November at the closing bell of commodity market.As seen in chart it it looks like Nickel was in the Strong Downtrend but since from last two months it looks like Nickel is in uptrend creating higher highs and higher lows.
Daily Price Chart of MCX Nickel on 5th November is shown below
As per my observation MCX Nickel is creating higher high and higher lows as seen in the daily price chart above. I found a bearish set up at the resistance level. Mcx Nickel may retrace down to some extent as it is in UPTREND as seen in daily price chart.
I am going to trade intraday trade in MCX Nickel on monday 8 th November in short position only if it breaks below 1035.90. My target for this trade will be 6 points below my selling point and my stop loss for this trade is 5 points above the selling level.
Intraday forecast for MCX Alumini on 8th November
I observed bearish price action signal in the daily price chart of MCX Alumini.It is observed that Alumini is in Downtrend. My observation in the Alumini price chart is that it got retraced to some extent and the retracement might be over and Alumini might continue its downtrend as the bearish price action signal is seen at the resistance level.
Daily price chart of MCX Alumini on 5th December is shown below
Tomorrow I am going to trade intraday in MCX Alumini in short position only if Aumini breaks below 122.25 . Target for this intraday trade will be 0.80 points below the selling level and the stop loss for this trade will be 0.60 points above the selling point.
I will update the result of both the trades in MCX Nickel and MCX Alumini on 8th November regarding the above trade.
Update of the MCX Nickel and MCX Alumini as on 8th November is as shown below
Update for Nickel on 8th November
I achieved my target in Nickel. I was in a short Position at 1035.90 as I explained in my yesterdays post.Low of Nickel was 1028.10 . I booked my Profit. See the downward movement in the daily price chart of Nickel on 8th November as shown below
Update for Aumini on 8th November
Great Result in MCX Alumini.It moved downward wonderfully.It was Great experience for me trading with Aumini.The downward movement was so smoothly. I was in a short position at 122.25 . I booked my intraday target of 0.80 points as I explained i my yesterdays post.See the smooth downward movement of Alumini in the daily price chart on 8th November
Overall My both targets achieved. Wonderful intraday trading experience today.
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