📈 Nickel gained 10% in the past 5 days!
Nickel is one of the best performing industrial metals as of late. Fed's reluctance to signal any actions yesterday in spite of mounting inflationary pressures has weakened the US dollar and provided a boost for commodity prices. Rising demand as well as supply concerns are two other factors that play a role. Incidents in Russian mines may result in 1-2 month halt in exports to China.
Taking a look at NICKEL from a technical point of view, we can see that price broke above the upper limit of the 15,800 - 16,850 trading range. According to classic technical analysis, there is a chance for the upward move to continue. Should a downward correction occur, the aforementioned upper limit of the trading range at 16,850 should serve as a key near-term support.
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NICKEL at D1 interval. Source: xStation5
