Referring to last post on June 3rd, we were expecting that Nickel price would go higher and we didn’t exclude a small draw back before a move in price towards our targets. Price declined to 12770 from 12945 at the time of posting and then started to rally on June 4th and today already at 13200.
So far, we are still on track towards 13600 +/-. A less aggressive target would be 13300 +/-, where we could already face a risk of reversal, if exceeded then next target will be 13600 +/- . The shallower slope of this current rise compared to the first leg from 12510, further gives hints to the corrective nature for the rise from 12510 and we would expect another decline to take out 12510 once current correction is finalised.