Home / Metal News / Nickel / [SMM Nickel Morning News] Nickel market rushes high and falls back and the night market rebounds and stabilizes the technology to consolidate the center of gravity for more than today's high positions.
[SMM Nickel Morning News] Nickel market rushes high and falls back and the night market rebounds and stabilizes the technology to consolidate the center of gravity for more than today's high positions.
Jul 29,2020 08:55CST
translation
Source:SMM
[SMM Nickel Morning News: nickel market rebound stabilization technology facing more than today's high consolidation center] Lunni will today take shock consolidation as the adjustment direction, the lower 10 / 20 moving average will cross to form short-term support, waiting for the center of gravity to move up and choose the opportunity to test 14000 US dollars / ton resistance again. Shanghai Nickel briefly reached 110070 yuan / ton and then fell back, and finally closed at 109790 yuan / ton. Today, we continue to repair the center of gravity to the 110000 gate as the direction, and test the upper resistance after consolidation.
The content below was translated by Tencent automatically for reference.

On the 29th of the month of SMM7:

Lunni opened at US $13800 / ton today, and its center of gravity fluctuated slightly around US $13820 / ton before the opening of the Asian market. After the opening of Shanghai Nickel, Lunni followed Shanghai Nickel to rise sharply, reaching a high of US $13995 / ton, a recent high. Subsequently, the pressure Boll line track 14000 US dollars / ton mark fell back, 13860 U.S. dollars / ton short-term consolidation is still difficult to stop the downward trend, fell below 13600 U.S. dollars / ton position temporary narrow shock adjustment, into the European period, Lenny showed a downward trend again, the lowest reached 13510 U.S. dollars / ton before hitting the bottom to rise. In the evening, Lunni quickly stood at US $13600 / ton following the rebound in Shanghai Nickel, and then continued to repair it, finally closing at US $13700. Lun Nickel went up yesterday morning, hitting a recent high, but it fell sharply after the short positions at Wansi pass were suppressed, and it was still repaired to 13700 US dollars / ton in late trading, with the trend of deep "V" recorded during the day. Lunni today will be shock consolidation as the adjustment direction, the lower 10 / 20 moving average is about to cross to form short-term support, waiting for the center of gravity to move up, choose the opportunity to test 14000 US dollars / ton resistance again.

Shanghai Nickel opened at 108400 yuan / ton last night, showing a concussive upward trend to repair the larger decline in the day. After the opening, the short sellers stopped their profits and reduced their positions, and Shanghai Nickel soon stood above 109000 yuan / tonne. After the bulls' confidence was restored, the positions were gradually increased so that Shanghai Nickel recovered its five-day moving average of 109450 yuan / tonne. The short-selling force continued to weaken in late trading. Shanghai Nickel briefly reached 110070 yuan / ton and then fell back, and finally closed at 109790 yuan / ton, up 1050 yuan / ton, or 0.97%. The trading volume was 335000 lots, and the position decreased by 2962 lots to 135000 lots. Technical aspects are still many, MACD red column continuous amplification, today continue to repair the center of gravity to the 110000 mark as the direction, after consolidation to test the upper resistance.

For more information, please subscribe to SMM Nickel Research Group products "China Ni-Cr stainless Steel Industry chain routine report" and "China Ni-Cr stainless Steel Industry chain High-end report" to get the latest data analysis and market analysis of nickel ore, nickel pig iron (China + Indonesia), electrolytic nickel, nickel sulfate, chromium ore, ferrochrome and stainless steel (China + Indonesia). For order and trial, please call 021-5166 6775 QQ: 1553928752, contact: Zhang Lingying]

(Shanghai Colored Network Zhang Lingying TEL:021-5166 6775 QQ: 1553928752)

"SMM online Q & A" has come to the market, price, information if you have any questions, feel free to ask!

Scan the QR code and join the SMM metal communication group.

Nickel price
trend Forecast
SMM brief Review
Daily Review
Lunni Futures Review
Nickel
Futures

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news