ABS weekly review difficult consolidation, waiting

2022-06-14
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[ABS weekly review] difficult consolidation, waiting for clear direction

I. Market Review (July 9-july 13)

compared with the continuous downward trend last week, ABS warehouse receipts stabilized slightly this week, supported slightly near the 1300 point of the index, and continued to fluctuate horizontally

the callback trend of last week extended that the ABS warehouse receipt index jumped down on Monday, breaking through the support of 1300 points, and the low level was strongly pushed up by the buyer and returned to above 1300 points; On Tuesday, the buyer made another big jump and opened low again, breaking through the support of the 60 day moving average downward. Although the buyer has some support at the low level, on the whole, the upward thrust is still lacking, and the ABS warehouse receipt index is deeply below 1300 points; There were signs of reversal on Wednesday, with low opening and recovery, covering the previous entity upward; However, this slight rebound has not significantly changed the direction of Thursday's trend. On Thursday, the ABS warehouse receipt index opened low and went low. However, with the support of the buyer, the center of gravity fell slightly; After the continuous decline, it rebounded slightly on Friday, opening low and going high. Although the buyer recovered the land lost on the previous day, it still failed to break through the resistance level of 1300 points, and there is still some pressure

in terms of data, at present, the ABS warehouse receipt index is reported at 1298.84 points, down 4.36 points from last Friday. The main warehouse receipts are mixed compared with the same period last week. The total turnover in a week is 845 tons, the average daily turnover is 31 tons higher than last week, and the order volume on Friday is 550 tons, down 190 tons from last Friday. The specific data are as follows:

warehouse receipt

variety

settlement price (yuan/ton)

ABS warehouse receipt average transaction this Sunday (ton)

ABS warehouse receipt order quantity (ton)

ab0709

15569

15547

22 ↑

II. Comprehensive analysis:

on the weekly K-line chart, the ABS warehouse receipt received a short positive line this week, The focus of trading shifted downward, and the characteristics of selling the hardware of the heat insulation strip tensile strength machine recovered the land lost in recent 7 weeks. On the daily K-line chart, the K-line entity was basically in a horizontal shock trend, the 5-day moving average continued to press down, and it crossed the 60 day moving average at the weekend. In terms of technical indicators, the price break line of the brin line hovered in the lower middle track from beginning to end, the KDJ index gradually increased slightly, but the range was limited, and always hovered in the oversold area, and the green column line in the MACD index gradually narrowed slightly, The swing index continues to decline, and the technical indicators tend to fluctuate in the short term to wait for the walking direction

on the news side, this week, due to the reduction of production in the North Sea Oilfield and the restart of American refineries, the two sections of the samples that had been pulled apart were aligned at the fracture, and the rise and fall of European and American crude oil were staggered. At present, WTI crude oil is US $73.93/barrel, up US $1.12 compared with the same period last week, and Brent crude oil is US $77.57/barrel, up US $1.95 compared with the same period last week. In terms of spot goods, at present, although positive factors still dominate the ABS market, the resistance of negative factors cannot be underestimated. Due to the continuous poor downstream demand and the lack of operation enthusiasm of intermediate traders, the transaction atmosphere is light and low. Therefore, even if the international oil price rises continuously, it does not significantly stimulate the market mentality

to sum up, although there is high support from the upstream, there is still some resistance to the rise of warehouse receipts in view of the light atmosphere of the spot. It is expected that China plastics ABS warehouse receipts will fluctuate in the range near this point in the near future, waiting for the direction to appear

(personal view, for reference only; enter the market accordingly, at your own risk)

information source: China plastics trading

note: the reprinted contents of this automatic temperature control, automatic timing and automatic alarm are indicated with the source. The reprint is for the purpose of transmitting more information and does not mean agreeing with its view or confirming the authenticity of its contents

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