Verdict: • Short-run Neutral to Bearish. Macro: • Fed Governor Waller seemed to “blown” about potential interest rate cuts, saying that if inflation continues to fall, there may be grounds for a rate cut in a few months, which was irrelevant to economic pressure. Iron Ore Key Indicators: • Platts62 $129.45, -4.00, MTD …
Author archives: Hao Pei
Iron Ore DCE January24 Daily Technical Review 28/11/23
Verdict- Neutral to Bearish. DCE Jan24 contract corrected massively during the trading day, gained significant support at 941.0. Hourly CCI was in bearish territory. Hourly slow stochastic KD potentially create gold cross above oversold area. Hourly MACD widened in bearish territory. Open position lost significantly both on January and May, indicating the previous buyers were …
Continue reading “Iron Ore DCE January24 Daily Technical Review 28/11/23”
Daily Virtual Steel Mill Report 28/11/23
Verdict: • Short-run Neutral to Bearish. Macro: • The PBOC released China’s monetary policy implementation report for the third quarter. The report pointed out that China’s economy will continue to return to normal, and expected that the annual growth target of about 5% can be successfully achieved. • Saudi Arabia seeks OPEC+ to cut …
Iron Ore DCE January24 Daily Technical Review 27/11/23
Verdict- Neutral. DCE Jan24 contract maintained neutral as expected. Iron ore yet to see any directional movement. Hourly MACD potentially create gold cross. Hourly slow stochastic KD consolidated above oversold area. Hourly CCI entered bullish territory. First support 963.0. First resistance 998.5.
Daily Virtual Steel Mill Report 27/11/23
Verdict: • Short-run Neutral. Macro: • The China Macroeconomic Forum (CMF) predicted that the real GDP growth rate in China will rebound to 5% to 5.5% in the fourth quarter in 2023, and the GDP growth rate for the whole year of 2023 will reach 5.1% to 5.3%. Among them, the supply chain recovered, …
Iron Ore DCE January24 Daily Technical Review 24/11/23
Verdict- Neutral. DCE Jan24 contract walked in narrow range till the end of market spike supported by the bigger growth on DCE coking coal. Thus, hourly slow stochastic KD created gold cross in oversold area. Hourly CCI moved close to bullish territory. If a breakthrough on last high at 998.5, iron ore would re-enter bullish …
Continue reading “Iron Ore DCE January24 Daily Technical Review 24/11/23”
Daily Virtual Steel Mill Report 24/11/23
Verdict: • Short-run Neutral to Bearish. Macro: • Citigroup expected the Bank of England to cut interest rates for the first time in August next year, later than previously expected in May, due to increased inflation risks and personal tax cuts. • The ecological and environmental protection inspection teams will started to supervise on …
Iron Ore DCE January24 Daily Technical Review 23/11/23
Verdict- Neutral to Bearish. DCE Jan24 contract created two highs from 995.0 – 998.5. A breakdown on 960.0-963.0 would potentially trigger a mid-run level correction. Be aware of intra-day resistance at 980.0. A rejection on 980.0 would drive price movement towards 963.0 level. Hourly MACD widened in bearish territory. Hourly CCI returned to neutral area …
Continue reading “Iron Ore DCE January24 Daily Technical Review 23/11/23”
Daily Virtual Steel Mill Report 22/11/23
Verdict: • Short-run Neutral. Macro: • US Federal Reserve policymakers were in positions to proceed carefully on future interest rates move and base any further tightening on progress. • China Ecological and Environmental protection supervision in the third round has been fully launched, several teams were established to conduct one -month pollution supervision work …
Iron Ore DCE January24 Daily Technical Review 22/11/23
Verdict- Neutral. DCE Jan24 contract rebounded, however resisted by the last high below 995.0. Hourly CCI reached bullish territory. A breakthrough on 995.0 would accelerate the growth trend. Hourly MACD potentially widened. First support 975.0. First resistance 1110.0.