Nickel Bulls are really putting the work in recovering an impressive 22.5% from the pandemic March lows. Nickel has remained inside a multi-year rising channel (A) and is now facing a strong resistance hurdle before further upside is likely to resume (for the medium-long term).

Nickel mining companies are being urged to mine more nickel, as the Nickel ‘battery' demand is forecast to increase by 14x over the coming years, with the rise of the electric vehicles playing a big part.

Here's what Mr Musk himself had to say:

Musk promises 'Giant Contract' for efficiently mined nickel. Elon Musk has a plea for mining companies: "Please mine more nickel." "Tesla will give you a giant contract for a long period of time if you mine nickel efficiently and in an environmentally sensitive way,"

Any weakness around these current levels (1) will most probably result in a decline for the short-medium term and possibly a re-test of channel support. Above the resistance zone (1) could see prices revisit the September 2019 highs over the long term.

Chart

Bottomcatcher has made every attempt to ensure the accuracy and reliability of the information provided in this report. However, the information is provided without a warranty of any kind. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Bottomcatcher.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD: ECB and US Treasury yields to make it or break it

The EUR/USD pair fell to a fresh 2021 low at 1.1892 this week, ending with a handful of pips above this level. The dollar soared across the board following comments from the head of US Federal Reserve Jerome Powell.

EUR/USD News

GBP/USD: Dollar bulls taking over

The British Pound was among the best performers against the greenback, surging above the 1.4000 level for the first time this week. Soaring US Treasury yields after Powell’s speech sent the dollar skyrocketing. GBP/USD struggling around 1.3900 and at risk of falling further.

GBP/USD News

Gold still eyes June 2020 lows at $1670 after weekly closing below $1700

Weekly closing below $1700 keeps the XAU/USD sellers hopeful. A bounce towards 50-SMA on 4H cannot be ruled out in the near-term. RSI stays bearish while gold holds within a potential falling wedge.

Gold News

Ethereum price primed for a swift recovery as the network prepares for a major update in July

Ethereum price aims for a significant recovery towards $2,000. A major upgrade scheduled for July intends to fix the problem with gas fees on Ethereum. ETH miners are not happy with the decision.

Read more

US Dollar Index pushes higher to 92.20 on stellar Payrolls

The march north in the greenback remains unabated and trade in fresh 2021 highs beyond the 92.00 hurdle when tracked by the US Dollar Index (DXY).

US Dollar Index News

Forex Majors

Cryptocurrencies

Signatures