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Nickel Breakout

As can be seen from the chart, nickel formed a sharp pullback. It was a channelised pullback. However, the price faced a selling pressure near the daily upper Bollinger Band. Consequently, the price broke on the downside from the channel. In terms of the price pattern, nickel has formed a distribution triangle and has broken out on the downside. The targets on the downside will be 917 and 902, ie 50% and 61.8% retracement mark respectively. The reversal can be trailed to the 20-daily moving average (952.60).

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