Technical Forecast for Nickel
Nickel can start to build a recovery after 2 month of losses as we beat 15374 today to hit our target of 15560/600. We expected a high for the day here & possibly the week so exited longs to try shorts with a stop above 15710. This worked perfectly with a top at 15568.
Support at 15374 for taking profit on our shorts. We are looking for a bounce from here & could also try longs with stops below 15312 for 15180. Again look for a bounce but if we continue lower this risks a test of 15100/075 lows.
15560/600 is tough resistance again today but a break above 15615 cannot be ruled out. Go with the move for 15710 & possibly as far as a test of 15860/940 resistance to try shorts.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.