Verdict- Neutral to Bearish. DCE May24 contract consolidate in narrow range during the day. Iron ore potentially saw some exhaustion at current level. Hourly MACD narrowed in bearish territory. Hourly slow stochastic KD rebounded after a gold cross created above oversold area. First support 969.0. First resistance 1009.5.
Author archives: Hao Pei
Daily Virtual Steel Mill Report 09/01/24
Verdict: • Short-run Bearish. Macro: • Dalian Commodity Exchange and Zhengzhou Commodity Exchange both cut commission rates for many products. However iron ore and coking coal maintain original rates. Iron Ore Key Indicators: • Platts62 $139.40, -0.90, MTD $142.01. The demand for IOCJ returned in short-term because of the decreasing supply of China …
Iron Ore DCE May24 Daily Technical Review 08/01/24
Verdict- Neutral to Bearish. DCE May24 contract corrected as expected from previous report. Hourly MACD widened in bearish territory. Hourly slow stochastic KD corrected and close to oversold area. Hourly CCI entered bearish territory. Iron ore potentially test low in next session. First support 969.0. First resistance 1009.5.
Daily Virtual Steel Mill Report 08/01/24
Verdict: • Short-run Bearish. Macro: • China PBOC announced to promote loans for private enterprises and expanding financing venues for private enterprises. • US December ISM service index decreased to 50.6, lower than expected 52.5, created the sharpest drop over past three months. • Eurozone December CPI annual growth rate reached 2.9%, created the …
Iron Ore DCE May24 Daily Technical Review 05/01/24
Verdict- Neutral to Bearish DCE May24 contract started the second correction day after warning about the reversal risk for last three trading days. Hourly MACD widened in bearish territory. Hourly slow stochastic KD entered oversold area. Hourly CCI entered bearish territory. The market potentially test low in next few sessions. First support 950.0. …
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Daily Virtual Steel Mill Report 05/01/24
Verdict: • Short-run Bearish. Macro: • The United Nations released the “World Economic Situation and Prospects 2024”: Global economic growth is expected to slow down from 2.7% in 2023 to 2.4% in 2024. At the same time, the report predicts that global inflation will fall further, from 5.7% in 2023 to 3.9% in 2024. …
Iron Ore DCE May24 Daily Technical Review 04/01/24
Verdict- Be Aware of Market Reversal. DCE May24 contract corrected after saw the high created last morning. From hourly chart, MACD created dead cross. Slow stochastic KD corrected after the dead cross in overbought area. The current technical signals were indicating an exhaustion at absolute high level, be aware of taking gains or sharp reversal. …
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Daily Virtual Steel Mill Report 04/01/24
Verdict: • Short-run Neutral to Bearish. Macro: • The minutes of the Federal Reserve meeting showed the interest rate hike cycle that began in 2022 potentially have ended, and the federal funds rate should peaked. Interest cuts are expected to come before the end of 2024. Iron Ore Key Indicators: • Platts62 $143.95, …
Iron Ore DCE May24 Daily Technical Review 03/01/24
Verdict- Be Aware of Market Reversal. DCE May24 contract created new high, with expanding volume. Hourly CCI entered neutral area. Hourly slow stochastic KD created dead cross in overbought area. Hourly MACD narrowed in bullish area. First support 950.0. First resistance 1050.0.
Daily Virtual Steel Mill Report 03/01/24
Verdict: • Short-run Neutral. Macro: • China real estate developers rise after China injected $50 billion worth of low-cost funds into banks last month. Shanghai also announced lower down payment ratio for houses on Tuesday. Iron Ore Key Indicators: • Platts62 $143.20, +2.70, MTD $143.20. The liquidity injection news from China supported the …