NICKEL: good levels for new short positions on trend

24.07.2017 / 12:01

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NICKEL 24-07-2017
Chart D1

Our expectations: Long-term downward trend, price retracement to levels of horizontal and diagonal resistance. 50 and 200 SMAs are in the bear formation and our expectations are that the price is likely to continue its decline. SL: 9826

Alternative scenario: If the price moves above horizontal and diagonal resistance, negative scenarios will break, and we may see a rise in the price of the metal.

Comments: Downward trend, price retrace to levels of horizontal and diagonal resistance, where he encounters difficulties in the rise. Price Action: We have a bear-pin bar at resistance levels and CCI 14 crosses 100 from top to bottom - a likely new downward impulse.

Jr Trader Petar Milanov

Varchev Traders

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NICKEL: good levels for new short positions on trend

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