The Nickel Rocket Takes Off

JC Parets
March 8, 2022

Nickel is making an explosive move as we speak and it is important to address it as soon as we can.

Commodities are picking up pace everywhere, across the globe and this move has been in the pipes for a while.

So what are the levels that we're tracking on this commodity? Check it out below.

There are outperformers, and there are underperformers, and then there's Nickel. Just hanging around in the middle. There were minor signs of Nickel taking the lead, but not for long enough.

Well, here's the chart for the levels to track going forward. This is a weekly chart, just to display the entire move that's come through in Nickel. Nickel has had the most historic move in all of its listed lifetime- a massive 80%! Do you want to read that again? 80%!! The kind of move that played out in trade yesterday, was quite a rare phenomenon. The indicator is flying into the bullish momentum territory, following the flight of price.

If this price surge continues, the next level to track would be 4,295. Pretty wild for Nickel traders out there! But volatile moves such as these can go in two extreme directions. Either the explosive move continues, or the move diffuses just as quickly. So the only way to ride this trend is to keep a hold on your risk management levels, folks! Hold on tight, this will be a roller coaster ride either way. The risk management level to follow here? 2,960. That's the line in the sand.

Click on the chart to zoom in.

Did you get into this trade in the Nick of time? Never say never. The market is like a bag of tricks. There's always something new!

Thanks for reading and please let us know if you have any questions.

Allstarcharts Team

 

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