Nickel just broke out below support and trend
I am really a Nickel bull, believing that will we see a level like $20,000 per ton in 2021-2022 thanks to increased demand for Nickel in batteries. I think that fundamentals point to it's a good price level right now for buying, at least if you have a longer investment horizon.
Technically, however, for the time being it is time to wait or short. In the chart you can see that nickel has broken out below support and the trend line . You can also see that MACD signals sell, and it has been quite accurate with previous signals for nickel the last few months. RSI is not quite in oversold territory yet.
Personally I will not go against the fundamentals, so I am waiting for the right time to go long.
Technically, however, for the time being it is time to wait or short. In the chart you can see that nickel has broken out below support and the trend line . You can also see that MACD signals sell, and it has been quite accurate with previous signals for nickel the last few months. RSI is not quite in oversold territory yet.
Personally I will not go against the fundamentals, so I am waiting for the right time to go long.
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