Technical Forecast for Nickel

Nickel hovering around the 3 year trend line support at 15128 but we are not getting the recovery we expected. 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 of 14925 however would then target 14450/430 then 14120.

 

A bounce can still happen with the market over sold in the short term & on daily & weekly charts. First target is 15387 then 15570/622 above. We should struggle here & 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.