Nickel's fall in recent days has damaged the chart in that the steep uptrend line has been broken but - more to the point - prices are below the 30 DMA. We said yesterday: "Judging by the overhead shadows on the candlesticks over the past few days, these prices are attracting selling.” We were looking for further downside pressure to be applied on support between $24,220 and $24,100; if that gave way, we would look for a test of the 30-day moving average - all of which has been seen.
The stochastics are still looking weak so we would look for further weakness.
The uptrend line at $23,240 is also around where the 38.2% Fibonacci line is. That might provide some support but a break of those levels would suggest a retest of the October low.
Our basic needs are: Air, Water and Food. |
| Recent Post |
| * Gold, Silver Remain Weak On Global Cues * Golmaal 3 - Movie Review |
No comments:
Post a Comment