Nickel Futures recent upside breakout above TL resistance and the 50w sma is a positive for the volatile base metal. PA appears to want to consolidate at these levels with the recent up-turn to increasingly bullish weekly momentum. Confirmation of the new up-trend would be a breakout with conviction above the 23.6 Fib retracement and overhead resistance near 11000.
The MACD recently formed a bullish up-cross with an expanding positive histogram. This is a bullish signal when it occurs along with a breakout in PA and the Stochastic entering oversold conditions. The Stochastic has recently been forming bullish higher-low's within the bearish continuation region (0 - 20.0) and has since become oversold with an up-cross of the 20.0 line.
