Nickel's Trend Is Down - $17,900 Is Key Resistance - Technical Outlook Nickel is in a downtrend that may be on track to revisit support around $14,000 a metric ton. My graphic highlights the significance of the downward-sloping 200-week moving average, which marked support in 2018 and 2020 during the metal's rise and has acted as resistance since 2023. At $15,225 a metric ton on Oct. 16, nickel's spurt to its May high near $20,000 has solidified this level as a round-number ceiling. To show initial signs of strength, the metal may need to stay above its 200-week mean near $17,900 and would still face the $20,000 threshold. Continued reversion toward the 2025 low near $14,000 appears more likely than staying above $20,000. Below $14,000, the next support level may not emerge until roughly $12,000. A rule in markets is that triple tops and bottoms are made to be broken. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tmxym8vttczn {BI COMD} #nickel #metals @BBGIntelligence