Technical forecast for Nickel

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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.

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