Nickel 2-Year Downtrend Broken

 

Below we present a chart of NINI, the iPath Pure Beta Nickel ETN, which shows a 2-year downtrend broken. 

We're long NINI at an average of $16.16, which has not previously been disclosed in this blog nor have we previously commented on nickel or on NINI.

 

In our post last Friday titled "BrExit Market Perspective" we asserted that the "BrExit" vote was a non-event for equities markets, and that "markets may bounce next week". 

 

Those who claimed the 2-day drop after the BrExit vote was a "selling panic" can only fairly call the past three days a "buying panic", however whatever it's called the DJIA indeed bounced big and is now exactly back to where it was before that vote and our DJIA Study of last week still very much applies. 

 

 

 

 

 

 

 

 

 



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