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Nickel price powers through 3-year resistance level

The Nickel price has been on a stellar run since the beginning of 2016. Yesterday it made a strong breakout move which continued into today, hitting highs of 16687– levels not seen since 2014. Unsurprisingly, the metal’s price has taken a breather with the RSI indicating it is very overbought. It’s likely the price will consolidate here before having another go at breaking through the strong resistance level of 16700. Further down the road, Nickel will need to power through diagonal resistance around 17500, followed by further horizontal selling pressure at 20200. With Nickel being such a crucial element in Lithium-ion batteries, the future looks bright for continued demand growth and price recovery.

Author: Stuart Langelaan

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