As can be seen from the chart, nickel has formed a pullback that has retraced more than 78.6% of the previous fall. It was a channelised pullback. However, the price faced selling pressure near the daily upper Bollinger Band. In terms of the price pattern, it formed an ending diagonal and has broken on the downside. Nickel is about to break on the downside from the channel. The daily momentum indicator is showing a negative divergence near the overbought zone and has given a sell signal. Thus, unless the high of 980.5 is crossed, nickel can fall towards the lower Bollinger Band (928) and the 20–weekly moving average (918).
