[SMM Nickel Morning News] Nickel above Nickel Phase faces multiple EMA pressure Nickel oscillations at the $17000 / tonne level

SMM, 16 October:

Lunni Asia today opened at $17195 / tonne, after the opening, Lunni pressure daily averages shock downward, fell to $16800 / tonne to stop the decline to stabilize the concussion. In the afternoon, Lunni dived again, down $16710 a tonne, then revised up slightly, focusing on a narrow swing around $16900 a tonne and continuing into Europe. By 21: 30 in the evening, or supported by the dollar index, Lunni rose slightly to $17000 / tonne and closed at $17010 / tonne, down $285 / tonne, or 1.65 per cent, from the previous day's settlement price, trading volume 7915 hands and positions up 4000 to 281000 hands. Lunni closed in the small negative line, the whole stand below the 40-day moving average, above facing a number of moving average pressure, today pay attention to the operation of Lunni at the US $17000 / ton integer gate.

Overnight Shanghai nickel opened at 132530 yuan / ton, at the beginning of the day, the pressure daily moving average went down slightly to 131750 yuan / ton, rebounded and repaired, above the daily moving line, the center of gravity fluctuated narrowly around 133000 yuan / ton, and finally closed at 133180 yuan / ton, up 1260 yuan / ton, up 0.96%, trading volume 623000 hands, position reduced 4000 hands, 353000 hands. Overnight, Shanghai nickel closed at the small yang line, falling below the 40-day moving average of 134000 yuan / ton, far from the top of the moving average. Today, we pay attention to whether Shanghai nickel can stabilize the 133000 yuan / ton barrier, and pay attention to the resistance of the upper 40-day moving average.

Today's data focus on the monthly CPI rate in the UK and the eurozone in September; the monthly rate of retail sales in the US in September and the monthly rate of business inventories in August. The event focused on 2019 FOMC voting committee and Chicago Fed Chairman Evans (Charles Evans) spoke on economic and monetary policy in Illinois.

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