SMM, 22 April:

Shanghai nickel 2006 contract opened at 100580 today, a large number of departure above the 100000, nickel prices fell through the 40-day moving average, bottomed 97500 yuan / ton line, although the rapid return to 98500 yuan / ton, but still blocked by the daily average pressure, short selling pressure again, bottomed 96800 yuan / ton after repair to 97500 yuan / ton line, but continue to suffer from the daily average pressure narrow cross plate shock. In the afternoon, more into the air, Shanghai nickel center of gravity gradually broke through the daily average pressure stabilized in 98000 yuan / ton line, the highest up to 98480 yuan / ton. Before the close, the bulls fled the market one after another, with Shanghai nickel closing at 98050 yuan / ton, down 2990 yuan / ton, or 2.96 per cent, from yesterday's settlement price. The trading volume was reduced by 42304 hands to 247000 hands, and the position was reduced by 9964 hands to 89370 hands. Within the day, Shanghai nickel opened high and walked low, mainly because the international crude oil price fell again, panic heated up again, Shanghai nickel plunged back to the previous increase today, but 10 / 40 day moving averages cross to form a strong support. At the same time, the upper 60-day moving average 100000 level, or reverse to nickel price upward pressure. At present, this interval multiple moving averages winding, short-term multi-empty two sides will compete in this interval. Pay attention to the direction of crude oil and the dollar in the evening.

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