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Technical Forecast for Nickel

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Technical Forecast for Nickel

 

Nickel gave the 3 year trend line support at 15128 another prod & just held on. The reversal day offers some hope to bulls now & there are signs of a recovery in to the end of the week. If 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.


First target today is 15387 then 15570/622 above. We should struggle here & could top out for the day but above 15718 could see 15866 then 15950/960. Exit all longs here & try shorts with a stop above 16100.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Technicals Commodities Markets Trading Ideas

 

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