Stock: NIKL
Company: Nickel Asia Corp.
Support: 5.41 / 5.20
Resistance: 5.70


NIKL slipped for the second consecutive trading day, effectively forming a relatively narrow range between 5.41 and 5.70. Despite the two-day slump, the stock is still trading higher than its short- and long-term MAs.

Meanwhile, the indicators are mixed with a more bullish bias; the RSI and MACD are showing some buying pressure with flattish momentum. The DMIs, on the other hand, staged a bearish cross yesterday with declining momentum.

NIKL’s consolidation may persist until the rest of the week. However, if the downtrend continues, there is strong support at 5.20.

Recommendation

Trade the range.

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