Is the long term trend in Nickel Started? To answer this question we can start with monthly nickel charts with predict cycle indicator. You can notice from the MCX nickel monthly charts that Predict cycle had turned positive – we are possibly in the long term uptrend. After 8 months of consolidation on the larger timeframe Nickel is currently trading above 8 month high.
On the weekly timeframe Predict Cycle is up for the last 4 weeks (Intermediate trend is up for last 1 month) and also trading above the previous consolidation zone. For the longer term and medium term trend to be intact Nickel maintaining above 630 zone is critical for the cycle to put the price in the next orbital zone 806 and 895.
On the Daily timeframe Predict cycle is up for the last 1 month. Potential we could enter into a period of consolidation for few days or even minor corrections before further trend reversal to happen on the upper side.