LME nickel likely to experience technical correction, after breaking trendline support near $37,500/ton, repeated bearish divergences in relative strength index, says Barclay's Capital. LME 3-month nickel last at $36,101, +$301 on London PM kerb but untraded in Asia, down 4.4% overnight. "Since May 2006, bearish daily momentum divergences have preceded four downside corrections similar in duration and magnitude." Tips first correction target January low $30,000, then November low $28,700, where it may establish base.
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