NICKEL has been in a stellar bull run from past 2-months rallied more than 35%. The breakout from classical patterns NICKEL outperformed all commodities.
Thus, the importance of early identification of patterns and acting on them is key to trading success. The identification of such patterns is both art as well as science.
Let’s sneak into the charts after classical patterns how the rally unfolded.
Technical View:
A rounding bottom on daily chart hinted a start of fundamental change and increase in demand,
An inverted H & S pattern breakout on weekly chart hinted a confirmation of a breakout of the emerging monster trend coming ahead.
Then, the rest is history what all know a monster 35% rally the metal.
Thus objectivity and execution with conviction is key to trading success.
Usually there is a saying that, technical analysis is for short term traders. But I completely disagree and this is one of example.
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As, it is always important know both basic and advanced strategies to build high conviction trade setups. There are very good high probable low risk trade setups in stocks as well as indices.
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