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Base Metals Technical Analysis - Nickel: historically inflated

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CES Team - New York Desk
By :  ,  CES Team - New York Desk
Oct 3, 2024

Nickel: historically inflated

 
  • James Dima
  • Director - Institutional Sales - Professional Trading Group

  • [email protected]

Nickel: we have ben citing bullish data points over the past 3 weeks. However, a short-term red flag is in place.  The focal point of this study is an historic overbought condition. The RSI (lower pane; measure of overbought) is above 77, which is at an extremely inflated level (3rd time in 2 years).

This condition should not last much longer; presenting a form of a short-term selloff at the least in the coming sessions.

What are we saying? Essentially, that the market is at an historic overbought level, and that should not last much longer, providing a scaling form of selling. The prior scenarios (purples) led to sideways/lower action.

image-20241002222939-1

Related tags: Base Metals

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