Monthly

Last months price actions was very much a lacklustre sideways affair.

However looking at the montly chart we can see that we are still above

Nickels 50% fib retracement level from the Dec 09 low to the Apr 10 high.

We pushed away from this level (around 18000) and posted a Bullish pin bar

candle for June, which signals likely gains ahead for July.

There still exists a large rising channel which is clearly defined.

Monthly RSI is Neutral, we are still looking for a retest of the 25000 level over the coming

weeks/months.

On the downside the 61.8% Fib level at 15790 should be a very strong support level.

The technical outlook is bullish but we do have some fundamental reservations at the moment.

The economic recovery is showing signs of slowing in both the US and China.

We will be keeping a very close eye on the major indicises over next few weeks.

Author: Andrew Land

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