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Verdict – Short-term bearish. DCE iron ore September contract started correction after confirmed the periodic high at 1248.0 level. Hourly slow stochastic KD created two dead cross in Jun 15th and gradually went lower, indicating a decreasing trend. Hourly CCI leaked from the two month high to a weekly low level. Hourly MACD widened below …
Continue reading “Iron Ore DCE Sep Daily Technical Review 16/6/21”
Market Verdict on Iron Ore： · Iron ore short-run bearish. Macro · China May electricity consumption maintained a high growth rate by 12.5% y-o-y, up 18.7% m-o-m. Jan-May total electricity consumption accumulated at 3.23 trillion KWH, up 17.7% y-o-y. However China major southern industry city Guangzhou electricity consumption reached 11.2 billion KWH, a historical high …
Market Verdict： – Iron ore neutral. Macro Market Change and Money Movement: – China commodity market experienced an interest shift from agricultural sector to industrial sector from last Thursday to this Tuesday, contributed by the strong performance of coking coal and iron ore. – The G7 conference yet to mention any detail on the solution …
Continue reading “FIS Weekly Virtual Steel Margin Report 15/6/2021”
Market Verdict on Iron Ore： · Iron ore short-run neutral. Macro · U.S. May CPI up 5% y-o-y, created the biggest single month increase during the past 13 years. Because the economy boost stimulate the travel services and second-hand automobile price. The strong data partially due to the soft economic data base in last year …
Verdict – Short-term neutral. DCE iron ore September contract resisted by 1191.5-1197.0 area again, which was also predicted from yesterday. Thus price movement was rejected by major resistance and went back to consolidation in narrower range. Hourly MACD narrowed. Hourly slow stochastic KD deepened the correction after created a dead cross. Hourly CCI tested low …
Continue reading “Iron Ore DCE Sep Daily Technical Review 10/6/21”
Market Verdict on Iron Ore： · Iron ore short-run neutral. Macro · On June 9, the National Development of Reform Commission held a forum, proposing to closely track the trend of commodity prices, including price forecasting and early warning, further understanding the operation of relevant market entities, figure out the clues of illegal price increases, …
Verdict – Short-term neutral. DCE iron ore September contract spiked during the last night session, however resisted below 1191.5-1197.0 area. The lower side 1148.5 also provide very strong support in mid-run. Hourly candles chart entered a consolidating mode. Hourly CCI pulled back from bullish territory. Hourly slow stochastic KD potentially create dead cross below overbought …
Continue reading “Iron Ore DCE Sep Daily Technical Review 9/6/21”
Market Verdict on Iron Ore： · Iron ore short-run neutral. Macro · China May CPI 1.3%, est. 1.6%, last 0.9%. China May PPI up 9%, est. 8.3%, last 6.8%. · World Bank published Global Economic Outlook, adjusted the year 2021 economy growth rate from 4% to 5.6%. China economy growth rate in 2021 from 7.9% …
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Verdict – Short-term neutral to bearish. DCE iron ore September contract test low as expected from last Friday. The correction ended mid-run rebound. Hourly candles created a clear multiple top area, which was normally a reversal and bearish signal. The neckline at 1148.5, created very strong resistance. The intra-day support at 1115.5 was the major …
Continue reading “Iron Ore DCE Sep Daily Technical Review 7/6/21”
