Short Term Nickel Update July 15th, 2015

I have been keeping silent for the past week, as I have been waiting for signs of conclusion of downtrend. Yest the early action is not very encouraging and forewarns that there might be further declines to be seen. The price increase from 10430  to most recent high of 11875 still looks like an advance against the main trend more than actual start of a new trend.

However, as of now, I am turning neutral awaiting further evidence to decide on a direction. Clearly, taking out key levels of 12240 and then 12965 would indicate a reversal in trend to the upside and further gains into the rest of the year.