Today's focus: Nickel (XNIUSD)
Pattern – Diagonal Pattern
Support – 15,840
Resistance – 17,198, 18,500
Hi, traders; thanks for tuning in for today's update. Today, we are looking at Nickel on the daily chart.
We have been watching Nickel for a few weeks now, traders, as the consolidation pattern continues to drag out. The shape of the pattern at this point is...
Nickel has good resistance at 1,415 per Fibonacci. The buying levels seem around 1,350 to 1,360 levels. Wait for the low and buy on dip is recommended.
Thanks for viewing,
I am not sure how widespread interest in Nickel is, my interest in Nickel is;
- It is a valuable metal that is in demand as the world turns towards electrification (Nickel currently has a low proportion of its demand ~3% from batteries and ~70% from steel-making but EVS. Vehicle manufacturers are turning towards much higher proportion of...
Intraday Commodity Future Buy NICKEL SEP @1124-1125 SL 1121 TGT 1132
Reason:
Above VWAP and if it stays then we can see more upside there is already TK cross over and MACD cross over as well.
Intraday Commodity Future Sell NICKEL AUG @1037-1038 SL 1043.50 TGT 1027
TK cross over on the downside
MACD bearish cross over
Icihmoku cloud break down
