Time for Nickel (and IGO) to pullback

Here is the stock price of ASX listed, Independence Group (IGO:ASX) 

(orange line)overlaid with the Nickel price. (blue line)

A fairly good correlation I’d say.

With Nickel flirting with weekly Overbought levels and exhibiting 

a historical stretch above its 100 and 200 week moving averages, 

mean reversion is calling. 

IGO’s timing and strategy of using its stock to acquire fellow Nickel 

miner, Western Areas is perfect.

In turn, IGO’s stock price has now broken below an important support level.

I’m looking for it to trade down to $7.67 by August 31, 2021.

August 19, 2021

by Rob Zdravevski

rob@karriasset.com.au

#nickel #IGO

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