Adam Smith Associates - Nickle's next move should attempt to go above 725


Nickel saw some big moves yesterday. I presumed it had bottomed out last week with the rest of the metals but apparently that was wrong. However daily momentum remains in buy mode and yesterdays bullish candle pattern with a long lower shadow shows buying coming in at lower levels. So adjusting the wave count, wave 2 might have ended at yesterdays low of 661, near the Oct swing lows. The next move should attempt to go above the 725, and once above that Nickel should retest the wave 1 high of 816 made in November


Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic & international clients. Views expressed in this article is purely of the author - Mr Rohit Srivastava - a leading technical analyst.

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