Starting last Wednesday, the plastic futures contract 1909 broke through the bottom track of the box oscillation of 8,200 yuan/ton, showing a cliff-like decline. In the past five trading days, the 1909 contract dropped to 7650 yuan/ton from 8200 yuan/ton, with a cumulative decline of more than 6.7%, the lowest since February 2016. Although on Wednesday, due to the short-term decline of futures prices is too large and too far away from the 5-day average, futures prices showed signs of stopping falling, but the weak characteristics are obvious, lack of upward momentum.
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From the perspective of the average system, the 5-day, 10-day, 20-day, 40-day and 60-day average began to show divergent short-term pattern, highlighting the strong momentum of short-term price decline. In terms of MACD indicators, green column entities continue to appear, and the length of entities rapidly expands, suggesting that the short power is growing rapidly. In addition, DIFF and DEA indicators are running below zero, indicating that the short power is dominant. It is expected that future plastic 1909 contract will continue the downward trend.
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