Nickel, commodities and CNC taking a bit of a beating
I just noticed nickel has taken a bit of a tumble lately. Probably adding to the drawdown in the CNC price. I believe it's the strength we're seeing in the US dollar lately that's causing markets and commodities to retrace. I suspect the dollar strength will end very soon and continue its downward trajectory which should bolster markets in general and especially commodities being that they're priced in US dollars. This should be positive for nickel and CNC but the million dollar question is how much further down can we go first? I could be very very wrong here but in a worst case scenario we may at least retest the recent lows of 260 and actually I think we may break them causing more panic, triggering more stops and putting in THE BOTTOM officially. Best guess 240-250. Unless we get very positive news that puts an end to all of this nonsense quickly. A break up from $3, the old strong support now resistance, on very high volume should be the first sign we've probably started a new uptrend... GLTA and use your own best judgment when making trades in this manipulated market.