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Nickel (XNIUSD) Analysis: Decoding Diagonals and Fundamental Forces | Commodities | Metals

Published: 19.02.2024
by Joseph Jeffriess

Hi, traders; thanks for tuning in for today’s update. Today, we are looking at Nickel on the daily chart.

We have been watching Nickel for a few weeks now, traders, as the consolidation pattern continues to drag out. The shape of the pattern at this point is on the ending diagonal side. That can mean reversal, but it’s far from a classic, and we have also run over some of the fundamental circumstances that have been driving Nickel lower since 2023.

Today’s focus: Nickel (XNIUSD)

Pattern – Diagonal Pattern
Support – 15,840
Resistance – 17,198, 18,500

Will we see the downtrend resume with a new lower breakout, or could this consolidation pattern set up a new higher push by buyers?

Good trading.

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