Hi guys,
Nickel down a fraction again today to $5.69us/lb, while the AUD/USD tested $0.7498.........
If the US dollar strengthens a couple of more % I think we can expect Nickel to be trading around $5.50 us/lb shortly.
The 6 month chart shows that twice Nickel touched $5.50us/lb & both times Nickel jumped to over $7us/lb within 4 weeks.
If Nickel can't hold $5.50us/lb prices will plummet to $5us/lb where in my opinion fundamentals will cause the Nickel chart to "double bottom".
$8us/lb may well be tested again sometime before Xmas 2005.
That's what my crystal ball is saying anyway. lol.
I'll let you guys now when I can see something else.
cheers,
Tom.
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