Tuesday, June 02, 2009

Nickel Update

"If prices are able to close above 13700 for the week, it would be bullish. Nickel can rise to 17500 - 18000 range on a sustained breakout above this level" - Last update on Nickel.

The current picture on graphs looks like this -

Prices have come out of a range after nearly 8 months and look set to rise further. I see just one concern here that Nickel inventory remains very high relative to other metals. The LME inventory and other private warehouse stocks are still high. Weak demand combined with high availability of the metal has been able to cap prices for quite sometime. Look for a surge in volume for prices to confirm the current uptrend. Risk levels are now at $13000.

No comments:

Post a Comment