Technical Forecast for Nickel
Nickel tested 2012 yearly lows at 15236 then 3 year trend line support at 15128 last week, as can be seen in the chart above. The close at the low of the week is worrying but we are very over sold on the daily chart & as long as we hold on to this trend line we can start to build a recovery after 2 month of losses. This is our last hope for a bounce. A break lower however would then target 14120.
So if we can hold 15160/30 this week look for a return to 15423. Above here we could reach 15585/674 but should struggle here. Watch for a high for the day to try shorts with a stop above 15725 for 15849 then 15992/16010. Exit all longs here & sell in to shorts with stops above 16100.
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