MARKET TALK: Minara Up 7.3% On LME Nickel Surge

Minara (MRE.AU) up 7.3% at A$8.20, hits record high of A$8.31 after LME nickel surged 6.5% overnight. Follows production problems for Jubilee Mines, and last week's Xstrata-LionOre deal, which have pushed nickel to record highs. Minara looks headed for A$8.84 Fibonacci retracement while A$5.78 holds, says Dow Jones technical analyst Dave Rogers. Break above former support at A$8.92 could start further gains to A$9.82 in coming months. Expect strong support from former resistance at A$7.19. Weekly channel resistance line currently A$8.50.