Technical forecast for Nickel

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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.

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