Technical Forecast for Nickel

Nickel hovering around the 3 year trend line support at 15128 & made a new low yesterday at 15075 but closed towards the upper end of the days range & there is more hope now of a move higher today. If we hold on to this trend line we can start to build a recovery after 2 month of losses. We are looking for 15374 today with a push higher possible & should target 15560/600.

 

We expect a high for the day here & possibly for the rest of this week so exit longs & perhaps try shorts with a stop above 15710 for 15860/940 resistance. 

 

Support at 15100/075 is expected to hold if we dip back here today. A break of 14925 however would trigger stops to target 14450/430 then 14120.