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[brief Review of SMM] short and take advantage of potential to suppress Shanghai Nickel out of V-shaped Technical support will continue to shock in the future
May 13,2020 16:58CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, 13 May:

Shanghai nickel, due to yesterday's CPI, PPI data is weak, and overnight U. S. stocks closed down, today's basic metals generally opened low downward. The main contract of Shanghai Nickel 2007 in the morning market opened at 100990 yuan / ton today and came under pressure. After a brief stay of US $100500 / ton, short sellers continued to increase their positions and suppress it, making Shanghai Nickel fall below the 100, 000 mark. After that, the bulls tried to buy cheaply, and Shanghai nickel hovered near the 100, 000 pass, with a minimum of 99720 yuan per ton. After the second period of the morning market, the short began to reduce warehouses and leave the market, and Shanghai nickel quickly returned to recover the decline, reaching as high as 101680 yuan / ton. In the afternoon, the market was still dominated by the reduction of short-term funds in the day. Although it once fell below the daily moving average, it still repaired the first line of 101100 yuan / ton in late trading, and finally closed at 101140 yuan / ton, down 0.6 percent from yesterday's settlement price. Today, out of the V-shaped trend, after yesterday again recorded a small negative column, but the entity is still running in the 5 / 10 moving average, the lower long shadow line touched the 20-day moving average, testing that the position has a strong support, the technical indicators have not changed. But the Indonesian government has recently raised taxes on mining companies, and there has been a lot of speculation on the supply side, and Russian nickel producers are also expected to have a glut this year. However, in the absence of actual news, the nickel market is still adjusted with wide shocks. Pay attention to whether Shanghai Nickel can continue to stick to the 10-day moving average at night.

 

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