Technical forecast for Nickel for 19th May 2013

Nickel unable to beat 15000 at the end of last week & the outlook has turned more negative as we start a new week. A retest of May lows at 14609 looks likely & it is looking like we will break lower. Longs therefore need stops below 14600 to target 14120 in the days ahead.

If we can hold last week’s low of 14815 look for another test of 15000. A break higher is slightly more positive as we look for 15099 & possibly as far as 15187. Above here however we run in to tough resistance at 15222/280 which could cap a bounce this week.