Nickle Breaks Past Inverse Head and Shoulder Pattern

Nickel is a chemical element with the symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel belongs to the transition metals and is hard and ductile.

Nickel has been one of the biggest underperformers in the last year. The metal's price plunged close to 40% on the London Metal Exchange since October 2019 following concerns over a slowdown in China, the world's largest consumer of the metal, surplus inventory. It was further aggravated by corona virus-related production delays.

However, similar to equities, the base metal, used in steelmaking and batteries, has seen a sharp turnaround from its lows, and technical analysts see a distinct pattern that indicates strong upside potential from current levels. "Nickel has reversed its trend since March and has been moving in a higher high higher low formation which is a bullish indicator and also gave a breakout from its inverse head and shoulder pattern.

Thus long term trend in Nickle is on the upside as on the date. Get MCX Nickle Intraday tips and make money on a daily basis in the Indian commodity market.