Verdict- Neutral to Bearish. DCE Jan24 contract broke two important supports at 851.0 and 859.0 respectively. Hourly MACD widened in bearish area. Hourly slow stochastic KD created a dead cross. Hourly CCI entered bearish territory. In short-run, iron ore potentially test low in next few sessions. First support 823.5. First resistance 851.0.
Author archives: Hao Pei
Daily Virtual Steel Mill Report 25/09/23
Verdict: • Short-run Neutral to Bearish. Macro: • China and US will officially launch two new working groups on economic and financial issues, aiming to provide a regular policy communication forum for the two countries and will hold regular meetings. • US Federal Reserve Governor Bowman stated that the inflation was too high and …
Iron Ore DCE January 24 Daily Technical Review 21/09/23
Verdict- Neutral to bearish. DCE Jan24 contract corrected and broke the previous lower boundary of the range box. Thus, previous support at 859.5 became the new resistance. A rejection on this level in next few sessions would indicate a correction in continuance. First support 823.5. First resistance 859.5.
Daily Virtual Steel Mill Report 21/09/23
Verdict: • Short-run Neutral. Macro: • US Federal maintained interest rate from 5.25- 5.5% unchanged in the FOMC meeting in September, fell in the expectation of economists. • UK inflation rate refreshed an 18-month low, which decreased expectations on further hikes. Iron Ore Key Indicators: • Platts62 $124.65, +1.90, MTD $121.42. JMBF discount …
Iron Ore DCE January 24 Daily Technical Review 20/09/23
Verdict- Neutral. DCE Jan24 contract rebounded slightly, however maintained in the range from 859.0 -881.5. A breakthrough on the range box would potentially mean a reversal, otherwise iron ore maintain neutral. Hourly slow stochastic KD weakened. Hourly CCI approached bullish area. Hourly MACD narrowed in bearish area. First support 859.0. First resistance 881.5.
Daily Virtual Steel Mill Report 20/09/23
Verdict: • Short-run Neutral. Macro: • The OECD increased economy growth to 3.0% from 2.7% for 2023, and decreased growth rate from 2.9% to 2.7% for 2024. • IMF governor Alfred Kammer indicated that the ECB cannot afford interest cut in 2024. Iron Ore Key Indicators: • Platts62 $122.75, -1.70, MTD $121.15. JMBF …
Iron Ore DCE January 24 Daily Technical Review 19/09/23
Verdict- Neutral to Bearish. DCE Jan24 contract corrected for the second trading day, a breakdown on 859.5- 861.0 level would confirm a mid-run correction trend. Hourly MACD widened in bearish area. Hourly slow stochastic KD created three lower dead crosses and continue to drop. Hourly CCI entered bearish area. First support 859.0. First resistance 881.5. …
Continue reading “Iron Ore DCE January 24 Daily Technical Review 19/09/23”
Daily Virtual Steel Mill Report 19/09/23
Verdict: • Short-run Neutral. Macro: • US Treasury Secretary Janet Yellen said that it’s premature to judge the impact of UAW strike, and sought for a “win-win” deal. • ECB governors indicated that the Thursday interest hike potentially become the last hike in the year. Iron Ore Key Indicators: • Platts62 $124.45, -1.15, …
Iron Ore DCE January 24 Daily Technical Review 18/09/23
Verdict- Neutral. DCE Jan24 contract saw a low high during the day, and potentially entered a consolidation period. Hourly MACD flattened in bearish area. Hourly CCI fell into neutral area. A rejection on 881.5 for next few sessions would stuck the price level into narrower range. The trading was crowded in the range 870 – …
Continue reading “Iron Ore DCE January 24 Daily Technical Review 18/09/23”
Daily Virtual Steel Mill Report 18/09/23
Verdict: • Short-run Neutral. Macro: • FedWatch indicated that the probability of skipping interest hike in September reached as high as 98%. The 25 bps hike probability for November or December reached 60%. Iron Ore Key Indicators: • Platts62 $125.60, +1.65, MTD $120.66. The seaborne iron ore market saw improved popularity because of …