We’re back to discuss some commodity ideas that are looking good at current levels. For the longest time, we’ve been looking out for a commodity supercycle. Over the past few months, we saw base metals halting their move and digesting their gains. But there are certain pockets that are demanding our attention so we thought what better than to share them with you!
Nickel is trading at lifetime highs, ladies and gentlemen! That’s big news coming at a time when we’re seeing a mess in most asset classes and markets. With the close in the week gone by, the base metal moved past its resistance and closed above it.
As we can see below, the price was finding it difficult to get past the level of 1,425. Now with that out of the way, we’re looking at a target of 1,630 in Nickel. 1,425 will continue to act as the risk management level. If we know anything about the recent move in base metals, then we know not to put all our eggs in one basket.
Several premature breakouts later we’ve reached this point. So it is all the more important to be clear about your risk management level!
Click on the chart to zoom in.
Let’s check out what some other base metals are up to.