Verdict- Neutral. DCE Sep23 contract rebounded after firming the support areas from 760.0 – 763.5. However in mid-run, iron ore trend was resisted by 40-Hour Moving Average twice. Hourly MACD created gold cross. Hourly CCI approached overbought area. First support 760.0. First resistance 782.5.
Author archives: Hao Pei
Daily Virtual Steel Mill Report 17/04/22
Market Verdict on Iron Ore： • Neutral. Macro： • ECB official indicated that to stop interest hike or to increase by 25 bps or potentially become major decision of the next meeting, instead of a 50bps hike. Iron Ore Key Indicators: • Platts62 $118.90, -0.05, MTD $120.42. Physical traders expected active trading activities …
Iron Ore DCE September23 Daily Technical Review 13/04/22
Verdict- Neutral to Bearish. DCE Sep23 contract broke important support at 771.0. Thus iron ore returned to the bearish trend. Hourly CCI ticked up by the last two trading hours, however in the bearish territory. Hourly slow stochastic KD potentially create gold cross in oversold area. Hourly MACD widened in bearish territory. Iron ore potentially …
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Daily Virtual Steel Mill Report 13/04/22
Market Verdict on Iron Ore： • Neutral. Macro: • U.S. March CPI up 5% on the year, lower than 5.2% expected, refreshed new low from May 2021, created a consecutive 9-month drop. However core CPI in March up from 5.5% to 5.6%. • G7 Group indicated that the central banks in global countries would …
Iron Ore DCE September23 Daily Technical Review 12/04/22
Verdict- Neutral. DCE Sep23 contract returned to rangebound area from 771.0 to 803.0, after rejected by 803.0. Hourly MACD narrowed in bullish area. Hourly CCI retreated after failing to breakthrough the bullish boundary. First support 771.0. First resistance 803.0.
Daily Virtual Steel Mill Report 12/04/22
Market Verdict on Iron Ore： • Neutral. Macro： • IMF published the World Economic Outlook, estimated global economy growth by 2.8% in 2023, 0.1% lower than previous expectation. The estimated growth rate up 3% by 2024, down 0.1% than last prediction. • A report from the New York Federal Reserve stated that the Federal …
Iron Ore DCE September23 Daily Technical Review 11/04/22
Verdict- Neutral to bullish in Short-Run. DCE Sep23 contract gained support above important level at 771.0. Thus 771.0- 773.0 became a mid-run support. Hourly MACD returned to bullish territory. Hourly slow stochastic KD created gold cross above oversold area. Hourly CCI reached bullish territory. First support 771.0. First resistance 820.0.
Daily Virtual Steel Mill Report 11/04/22
Market Verdict on Iron Ore： • Neutral. Macro： • China March CPI up 0.7% on the year, est. 1%, last 1%. China March PPI down 2.5%, est. down 2.5%, last down 1.4%. Iron Ore Key Indicators: • Platts62 $119.65 +0.05, MTD $ 120.64. Market cooled down following the fair trading and speculation control …
Iron Ore DCE September23 Daily Technical Review 10/04/22
Verdict- Neutral to Bearish in Short-run. DCE Sep23 contract corrected as expected from last report. A breakdown on 771.0 would accelerate correction. Hourly slow stochastic KD approached oversold area. Hourly CCI was in bearish territory. Hourly MACD was in bearish territory. Both short-run and mid-run signals were indicating a continious correction. First support 750.0. First …
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Iron Ore DCE September23 Daily Technical Review 04/04/22
Verdict- Neutral to Bearish in Short-run. DCE May23 contract rolled to Sep23, which became the new active contract. Slow stochastic KD potentially create gold cross in oversold area. Hourly CCI headed up from bearish territory to neutral area. Technical signals were indicating an exhaustion. First support 791.0. First resistance 810.0.