Author archives: Hao Pei

Iron Ore DCE Jan27 Daily Technical Review 05/09/24

Verdict- Neutral. DCE iron ore corrected as expected yesterday. Hourly high reached 697.5, which became major resistance. Hourly MACD narrowed in bearish area. Hourly slow stochastic KD created gold cross in oversold area. The last two candles saw support on 673.0-673.5. Open interest continuous increased during past three days. A stand on 673.0 would bring …

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Daily Virtual Steel Mill Report 05/09/24

Verdict: • Short-run Neutral.   Macro: • US Beige Book showed stagnant and declining US economic activities. Price and wages rose modestly in recent weeks. Employers decreased hiring. The Atlantic Federal officer Bostic indicated that the high for long interest rate would hurt job market. • Canada cut interest rate by 25 bps for the …

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Iron Ore DCE Jan27 Daily Technical Review 03/09/24

Verdict- Neutral. DCE iron ore widened in bearish territory. Hourly slow stochastic KD created gold cross in oversold area. Hourly CCI approached neutral area. Iron ore potentially saw a small rebound from technical signals by next session. However, if a fast breakdown on 688.5 would bring market back to bearish. First support 688.5. First resistance …

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Iron Ore DCE Jan27 Daily Technical Review 02/09/24

Verdict- Neutral. DCE iron ore corrected with increasing volume. The open interest decreased because of long covering. Hourly MACD widened in bullish territory. Hourly slow stochastic KD reached bearish territory. Hourly CCI reversed from bearish territory and approached neutral territory. In short-run, iron ore potentially test low in next session. First support 714.0. First resistance …

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Daily Virtual Steel Mill Report 02/09/24

Verdict: • Short-run Neutral.   Macro: • China NBS: China manufacturing PMI August at 49.1%, down 0.3% on the month. • Reuters: Six OPEC+ sources indicated to increase oil production as planned from October, as Libya suspended production and some member countries promise to cut production to fill up for excess quotas, offsetting the impact …

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Iron Ore DCE Jan27 Daily Technical Review 30/08/24

Verdict- Neutral. DCE iron ore corrected during the day. Iron ore was traded in 747.5- 767.5 range during past four trading days. Hourly MACD widened in bearish territory. Hourly CCI moved from neutral area to bearish territory. A breakthrough on either upper side of lower side of the rangebox would initiate a directional movement. Otherwise …

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