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[SMM Nickel Morning News] Shanghai Nickel Night Market has a small shock at night and the trend of Renni Nickel Night Market has a strong rebound.
Jul 17, 2020 08:45CST

SMM, July 17:

Overnight Shanghai Nickel 10 contract opened as high as 106530 yuan / ton last night, and the daily trading fell sharply affected by the sharp fall in A shares, and the decline in the night market recovered somewhat. After opening, bulls reduced a large number of positions, Shanghai Nickel slightly fluctuated upwards, and then bulls followed up. Shanghai Nickel rose to a night high of 107320 yuan / ton, the 20-day pressure average fluctuated back to 107350 yuan / ton, and the center of gravity moved down to 107000 yuan / ton level, fluctuating narrowly. In late trading, it operated under pressure until closing at 106920 yuan / ton, up 750 yuan / ton, or 0.71%, compared with the previous trading day, and the trading volume was 376000 lots. The position decreased by 3304 hands to 139000 hands. Shanghai Nickel closed at Xiaoyangzhu last night, the 5-day moving average was downward and the 10-day moving average was above the K-column to form a cross pressure position, and the K-column was supported by the middle rail of the Boll line. Today, we pay attention to the resistance of the pressure lines above Shanghai Nickel.

Today, Apanlon Nickel opened at US $13520 / ton. After opening, it opened its downward trend all the way along the daily average line, until it was traded horizontally in the narrow range of US $13350 / ton in the afternoon. After a brief stalemate, it accelerated its downward trend again in the afternoon, probed down around US $13210 / ton, temporarily supported it under the rising platform, rebounded low, swung all the way back to the opening price of 13520 yuan / ton, recovered the daytime decline, and reappeared the trend of deep V. At the end of the day, it fell slightly to US $13400 / ton, down US $135, or 1.00%, from the previous day's settlement price, with a turnover of 5547 lots and a position reduction of 303 to 197000 lots. Lunni closed last night in the long lower shadow line Xiaoyin column, above the 5-day moving average turned downward, about to cross with the 10-day moving average, K-column waist to wear the 10-day moving average, shadow line to explore the position of 13200 US dollars / ton, Lunni opened at 13400 US dollars / ton today. Today, we will be concerned about whether Lunni can continue the previous upward trend and test the pressure level of 15000 US dollars / ton.

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