Cup & Handle Breakout in Nickel
The commodity has been in dominant trend up. Recently a continuation cup & handle breakout was noticed in the futures. The breakout area was also retested with long tailed candles. In the last session the price opened with a gap up, forming a perfect pedigree for a breakout. As long as 820 levels are saved on the closing basis the commodity is expected to move towards 920 – 970 range. The minimum pattern target is 993, but predicting this target now is a very matured view.
The Bollinger Bands on the RSI has formed a double bottom, indicating the support of volatility to the move also. The prices are expected to carry further up.
Nothing is certain and 100% in trading, even the best traders have worst draw downs, accessing risk and probabilities then placing your bets according holds the key.
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