Nickel About To Heat Up As 2023 Kicks Off
The price of nickel is trying to accelerate its upward move, and bullish momentum is about to accelerate. The nickel market might heat up as 2023 starts to kick off. This is consistent with our green battery metals forecast, our recent conclusion explained in the "Green Battery Metal That Looks Best as 2023 Kicks Off" article, and our vision on how to play the green battery super cycle in 2023.
The nickel price chart has been forming a cup-and-handle structure over the past six months. The price and time are in sync, as a reversal looks set to complete. Apologies if this sounds cryptic, it might require deeper charting expertise in order to fully grasp this sentence. In layman’s terms: this is very powerful and very bullish.
Although we like green battery metals a lot, we had two problems early this year with nickel:
- It’s a niche market, as there are not a lot of pure play nickel miners out there.
- The nickel price exploded due to the Russia/Ukraine situation.
We hate explosive markets. We much prefer a regular bullish trend which accelerates over time in 3 distinct phases. Fast-forward to today, and we see a really nice structure on the nickel price chart that was created in the period of time between June and November.
We believe that an acceleration is underway in the nickel price chart. This should boost nickel miners. We believe the first few months of 2023 will be very bullish for a select few nickel miners.
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