NICKEL D1 Our expectations:
Enter by the trend after every slight correction. As Chinese industry slows, and movement in and out of the world’s largest consumer of many commodities stalls, the effect on prices has been devastating. The disruption could be long lasting, as stockpiles of commodities grow and ships lay idle .
Short trend and short term long correction. The price has reached a zone of resistance. The current levels give us a good opportunity to build long positions by the trend with a near stop and a good risk / reward ratio.
Price action: Formation 1-2-3
Price under 50SMA and 200SMA. MAs stacked in a bearish formation
RSI under 50.
SL: 13500 Deliberately lengthened to prevent stop hunting.
Alternative scenario: Confirmed break above 13800 is likely to push the price for test of the previous high and 200SMA around the levels of 14400
Trader Georgi Bozhidarov