As stated above, we are bit cynical about the daily trend on the commodity as during the near term basis we hold a bearish view though in the medium term trend is still bullish. For today, we shall remain cautious to selling in nickel commodity. Our negative sentiment also is driven by the fact that the commodity fell yesterday despite a very strong rally in most base metals which tells about the inherent weakness in the commodity in short-term perspective. Also technically, Nickel trades near the trend line support level. Break below might floodgates for further drop in intraday and short-term. – We hold the similar trend in the metal today.
ZOID RESEARCH 11-JUNE-2014 : NICKEL
As stated above, we are bit cynical about the daily trend on the commodity as during the near term basis we hold a bearish view though in the medium term trend is still bullish. For today, we shall remain cautious to selling in nickel commodity. Our negative sentiment also is driven by the fact that the commodity fell yesterday despite a very strong rally in most base metals which tells about the inherent weakness in the commodity in short-term perspective. Also technically, Nickel trades near the trend line support level. Break below might floodgates for further drop in intraday and short-term. – We hold the similar trend in the metal today.
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