Nickel Price yesterday declined 12820 as has been expected, then rallied back 13124. However, we have anticipated a slightly deeper decline. That said, we would be now be more inclined to believe that the bottom at 12510 should hold and the next 2 weeks going forward. Targets remain in the range of 13600-13800.  On even shorter term, one can though not exclude for one more dip before the rally happens, although we would favor a nearby rally later today or by tomorrow.

The view remains valid as long as prices hold above 12510.