Verdict: • Short-run Neutral to Bullish. Macro: • US GDP accelerated to 4.9% in the third quarter, more than doubled the growth rate in last quarter and created the fastest growth rate in past two years, powered by spike in consumer spending. Economists generally expected that the growth rate to slow in Q4. …
Author archives: Hao Pei
Iron Ore DCE January24 Daily Technical Review 26/10/23
Verdict- Neutral. DCE Jan24 contract rebounded during the day however rejected by major resistance at 881.5. Further rejections potentially reverse the price trend because this area created two reversals in September and October previously. Hourly CCI was approaching bullish territory. Hourly MACD narrowed in bullish territory. First support 863.0. First resistance 881.5.
Daily Virtual Steel Mill Report 26/10/23
Verdict: • Short-run Neutral. Macro: • IMF Chief Kirstalina Georgieva indicated that the global economy growth slowed down to 3%. The growth rate would be dragged down by high interest rates. Iron Ore Key Indicators: • Platts62 $118.55, +3.00, MTD $118.19. PBF saw two trades based on December Index + $4.1 and $4.2 …
Iron Ore DCE January24 Daily Technical Review 25/10/23
Verdict- Neutral. DCE Jan24 contract rebounded as expected. However we change the market view from bullish to neutral because the intra-day high was rejected by 878.5- 881.5 area, which used to witness two important market reversals in September and October respectively. Hourly CCI corrected from overbought area to neutral area. Hourly MACD narrowed in bullish …
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Daily Virtual Steel Mill Report 25/10/23
Verdict: • Short-run Neutral to Bullish. Macro: • China approved a plan to raise fiscal deficit ratio from 3% to 3.8%. The plan issued a 1 trillion yuan sovereign debt to support disaster relief and construction. Iron Ore Key Indicators: • Platts62 $118.55, +3.00, MTD $118.19. Ferrous market spiked as the over-expected 1-trillion …
Iron Ore DCE January24 Daily Technical Review 24/10/23
Verdict- Neutral to Bullish. DCE Jan24 contract spiked from 1% to 3.78% during the last half hour before closing. The market regained support and turn from bearish to a recovery mode even excluding the last half hour. Hourly slow stochastic KD soared up after created gold cross in oversold area. Hourly MACD created a gold …
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Daily Virtual Steel Mill Report 24/10/23
Verdict: • Short-run Neutral. Macro: • China sovereign wealth fund Central Huijin Investment Ltd. Said it bought exchange-traded funds in late Monday, which was the second time in the month. Iron Ore Key Indicators: • Platts62 $115.55, +0.30, MTD $118.17. The market was concerning the low steel margin would trigger some proactive production …
Iron Ore DCE January24 Daily Technical Review 23/10/23
Verdict- Neutral. DCE Jan24 contract corrected as expected. However, the market saw a rebound in the afternoon session. Hourly slow stochastic KD created gold cross in oversold area. Hourly CCI entered neutral area. Hourly MACD still widened in bearish territory. Iron ore potentially saw a short-run exhaustion and stablise at current level without further breakdown …
Continue reading “Iron Ore DCE January24 Daily Technical Review 23/10/23”
Daily Virtual Steel Mill Report 23/10/23
Verdict: • Short-run Neutral to Bearish. Macro: • The US Federal Reserve governor, Loretta Mester stated that the benchmark interest rate was approaching peak level, and decision-makers need to be “flexible” in their actions. Bank of America Global Research has postponed the Fed’s final rate hike forecast to December. • Pan Gongsheng, the governor …
Iron Ore DCE January24 Daily Technical Review 20/10/23
Verdict- Neutral to Bearish. DCE Jan24 contract corrected with expanding volume. Hourly slow stochastic KD widened in bearish territory. Hourly slow stochastic KD entered bearish territory. Hourly CCI entered bearish territory. Iron ore potentially test low in next few sessions. First support 812.5. First resistance 854.0.