Welcome back to long term uptrend status nickel, it's been a while
I introduced this chart in the ChartWatch in Tuesday’s Evening Wrap. I noted at that time Nickel’s recent price action was doing a very good impression of changing its long term trend.
Thursday’s close above the 19180 point of supply means its more than just an impression now. It confirms for me that the long term trend ribbon has transitioned from a zone of dynamic supply to a zone of dynamic demand.
Therefore, as far as I’m concerned, a new long term uptrend in the nickel price has begun.
I’m not sure if the Nickel price will be all rocket ship emojis from here, though – perhaps more of a steady grind higher. I say this because there’s a batch of well-defined points of supply about to come into play, starting with 19685, and followed by 20900, 22355, and 23140.
Still, if you have any nickel stocks in your portfolio, the improving technical picture here is no doubt a welcome development.
As long as the nickel price keeps printing rising peaks and rising troughs, and as long as it keeps closing above the short term trend ribbon, I can’t see any reason why the present recovery can’t continue.
From Market Index
SBR Price at posting:
2.1¢ Sentiment: Buy Disclosure: Held
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