Nickel short term outlook June 9th 2015

Yesterday, we have been looking for higher price, at the time of writing price was hovering around 13180. Prices jumped nicely by the time for US opening and have so far managed 13520, which is only 80 dollars shy from our idealised  target.

Again, we are at a short term juncture and we should watch price carefully, awaiting price action confirmation that the top is in place. As of this stage we can yet not exclude one more small push of about 100 bucks.

A confirmation of short term change in direction back to the downside is given once prices cross the level of 13350 to the downside.  The resumption of medium term downtrend into the rest of June and probably good time of July would be given once price breaks 12770 to the downside clearing way to break 12510 and reaching our targets of 11500 +/- which should be a base for a longer bull run into the year of 2016.

 

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