Company: Nickel Asia Corp.
Support: 5.41 / 5.20
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.
Trade the range.