Verdict- Neutral to Bullish. DCE Jan24 contract broke important resistance at 866.5, which became an important support in short-run. Hourly MACD widened in bullish territory. Hourly CCI approached the boundary of neutral and bullish area. Hourly slow stochastic KD entered overbought area. First support 866.5. First resistance 900.0.
Author archives: Hao Pei
Daily Virtual Steel Mill Report 15/09/23
Verdict: • Short-run Neutral to Bullish. Macro: • China announced reserve requirement ratio cut by 0.25% to consolidate the foundation for economy recovery. The reduction is the second RRR cut during 2023, expected to release over 500 billion yuan in medium liquidity. Iron Ore Key Indicators: • Platts62 $123.95, +1.45, MTD $120.11. The …
Iron Ore DCE January24 Daily Technical Review 14/09/23
Verdict- Neutral. DCE Jan24 contract maintain rangebound during the day as expected. A breakthrough on 867.5 potentially indicates a return to bullish in mid-run. Hourly MACD potentially create a dead cross. Hourly CCI fell from bullish territory to neutral area. First support 840.0. First resistance 867.5.
Daily Virtual Steel Mill Report 14/09/23
Verdict: • Short-run Neutral. Macro: • US August CPI up 3.7%, higher than expected 3.6%, last 3.2%. Core CPI up 4.3%, est. 4.3%, last 4.7%. • Europe Union will launch a probe of EV subsidies against China. Iron Ore Key Indicators: • Platts62 $122.60, +1.95, MTD $119.21. The mid-grade saw massive fixed trade …
Iron Ore DCE January24 Daily Technical Review 13/09/23
Verdict- Neutral. DCE Jan24 contract maintain rangebound and returned to the area of last closing. Hourly slow stochastic created dead cross in overbought area and flattened. Hourly CCI approached bullish territory. Hourly MACD narrowed in bullish area. Short-run technical was still indicating a neutral sentiment. First support 840.0. First resistance 867.5.
Daily Virtual Steel Mill Report 13/09/23
Verdict: • Short-run Neutral. Macro: • BOE indicated that the inflation target of 2% was approachable in two years. • OPEC monthly report indicated that the crude oil shortage reached 3 million barrels/day due to the extension production cut by Saudi Arab. Iron Ore Key Indicators: • Platts62 $122.60, +1.95, MTD $119.21. Although the …
Iron Ore DCE January24 Daily Technical Review 12/09/23
Verdict- Neutral. DCE Jan24 contract rebounded by 1.96% based on the last settlement price. Hourly MACD widened in bullish territory. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI corrected from bullish area to neutral area. Short-run technical was indicating an exhaustion approaching important resistance level at 865.5. Thus, a breakthrough on …
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Daily Virtual Steel Mill Report 12/09/23
Verdict: • Short-run Neutral to bullish. Macro: • ECB predicted Euro Zone GDP growth by 0.8% in 2023 on the year, up 1.3% in 2024, lower than expected 1.1% and 1.6% respectively from last time. Iron Ore Key Indicators: • Platts62 $120.65, +3.85, MTD $118.65. Although the primary market of seaborne iron ore …
Iron Ore DCE January24 Daily Technical Review 11/09/23
Verdict- Neutral. DCE Jan24 contract rebounded significantly with growing open interests, symbolising the entrance of new buyers. Hourly MACD returned to bullish territory. Hourly slow stochastic KD approached overbought area. Hourly CCI entered bullish area. In mid-run, a recovery on 865.5 would indicate the market return to bullish run. First support 826.5. First resistance 865.5. …
Continue reading “Iron Ore DCE January24 Daily Technical Review 11/09/23”
Daily Virtual Steel Mill Report 11/09/23
Verdict: • Short-run Neutral. Macro: • China Newspaper saw credit growth rebound in August, when policy makers are likely to use RRR cuts and other financial tools to flexibly maintain at low cost funding to the banking system. • Guangzhou, China scrapped price limit on new homes by decreasing the mortgage rate at Loan …