Technical forecast for Nickel

nickel2

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.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More