Nickel Short Term Update July 9th, 2015

Prices have recovered from yesterday’s lows, and is currently trading higher having hit 11300 already.  Yet the overall structure is still not encouraging enough to switch our position from bearish to bullish. I can see this “correction possibly hitting 11400 before faltering and heading south again.

In order for us to change our views, we need a decisive break above 11600 or alternatively, any declines in price should not break 10430!

Remain out, watch and wait for the pullback to decide on further action.  Again, we are close to a bottom, just looking for signals from the market to confirm a bottom in place.