Nickel ends the trading week at 10808 and continues to move in the bearish channel. Moving averages indicate a downward trend. At the moment, we should expect an attempt to grow and test the upper limit of the channel near the level of 10860. Where again we should expect a rebound and an attempt to continue the fall of the Nickel rate with a potential target below the level of 9280.
Nickel forecast for the week December 24 — 28, 2018
In favor of reducing the quotes Nickel in the current trading week December 24 — 28, 2018 will test the downward trend line on the indicator of relative strength index (RSI). Cancellation of the Nickel fall option will be a strong growth and a breakdown of the 11050 area. This will indicate a breakdown of the upper border of the downward channel and continued growth of Nickel with a potential target above the level of 12650. The breakdown of the lower boundary of the Triangle model and closing of quotes below the level of 10150 will confirm the downward trend development.
Nickel forecast for the week December 24 — 28, 2018 implies an attempt to test the resistance area near the level of 10860. Then, the tool will continue to fall below 9280. An additional signal in favor of Nickel depreciation will be the resistance line test on the relative strength index (RSI). Cancellation option for Nickel will make a strong growth and a breakdown of the area of 11050. In this case, we should expect continued growth.
