Verdict- Neutral to Bearish. DCE May24 contract opened high however closed low. Hourly MACD narrowed in bullish area. Hourly slow stochastic KD created dead cross below overbought area. Hourly CCI corrected from bullish area to neutral area. First support 936.0. First resistance 960.0.
Author archives: Hao Pei
Daily Virtual Steel Mill Report 19/02/24
Verdict: • Short-run Neutral. Macro: • The Research Institute Beike, which was the subsidiary of the biggest China house agency, indicated that Tier I house sales down 3% on the year during Chinese New Year. Tier II sales up 98% on the year. Tier III house sales up 65% on the year. Iron …
Iron Ore DCE May24 Daily Technical Review 07/02/24
Verdict- Neutral. DCE May24 contract consolidated in narrow range with much lower volatility ahead of Chinese New Year. Hourly MACD widened in bullish territory. Hourly CCI started to rebound gradually. The open interest started to decrease. Iron ore potentially maintain narrow trade range this week. First support 924.0. First resistance 958.5.
Daily Virtual Steel Mill Report 07/02/24
Verdict: • Short-run Neutral. Macro: • In 2023, the domestic production of the top three coal producers worldwide all reached historic highs. China’s coal production reached 4.66 billion tons, a year-on-year increase of 2.9%. In 2023, India’s coal production reached 1.011 billion tons, a year-on-year increase of 10.9%. Indonesia’s coal production reached a historic …
Iron Ore DCE May24 Daily Technical Review 06/02/24
Verdict- Neutral. DCE May24 contract corrected slightly but maintained in a neutral range as expected from yesterday. The decreasing interest indicated an exhaustion of current market. Hourly MACD created gold cross. Hourly slow stochastic went flat. The market potentially see consolidation in the next few sessions. First support 924.0. First resistance 958.5.
Daily Virtual Steel Mill Report 06/02/24
Verdict: • Short-run Bearish. Macro: • The OECD increased the global GDP growth rate from 2.7% to 2.9%. • The IMF estimated that the growth rate of China in 2024 expected to increase by 4.6%. Iron Ore Key Indicators: • Platts62 $127.20, -0.80, MTD $129.33. Iron ore market suffered correction following the correction …
Iron Ore DCE May24 Daily Technical Review 05/02/24
Verdict- Neutral to Bearish. DCE May24 contract potentially see a periodic bottom area. Hourly slow stochastic KD created gold cross in oversold area. Hourly MACD created gold cross. However the intraday resisted by 958.5. Market participants maintain watch and see mode before long holiday with narrowing volume. First support 933.5. First resistance 958.5.
Daily Virtual Steel Mill Report 06/02/24
Verdict: • Short-run Neutral. Macro: • The UN statistics indicated that thee ships passed by Suez Cannel down 42% during the past two months. • The IMF estimated that the growth rate of China in 2024 expected to increase by 4.6%. Iron Ore Key Indicators: • Platts62 $128.00, -4.80, MTD $130.40. Iron ore …
Iron Ore DCE May24 Daily Technical Review 02/02/24
Verdict- Bearish. DCE May24 contract returned to bearish tunnel after breakdown the intra-day support level by 955.0. Hourly MACD widened in bearish territory. Hourly slow stochastic KD entered oversold area. Hourly CCI entered bearish territory. Iron ore finally ended with slower rebound during last hour, however the 935.5 was an intra-day level support. First support …
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Daily Virtual Steel Mill Report 02/02/24
Verdict: • Short-run Neutral to Bearish. Macro: • US jobless claim reached 224,000, refreshed new high since the week consecutive on November 11th in 2023, est. 212,000, last 214,000. • BOE maintained unchanged interest rate at 5.25%, as expected from the market. The bankers indicated a interest rate cut would happen only if the …