Preparing to sell Nickel

I think LME Nickel can trade up to $22,075. At that point, it should be overbought. It doesn’t seem that the current upward trend has much steam.

During November 2023 and January 2024, Nickel prices appeared in my weekly edition of Macro Extremes when prices where between the $16,700 and $15,900 range.

Back then, Nickel was registering a weekly oversold reading and it was a signal to accumulate and establish positions.

When accumulating, allow for variance.

April 19, 2024

by Rob Zdravevski

rob@karriasset.com.au