Verdict- Bearish in Short-run. DCE May23 contract entered a correction phase. The contract broke 900.0 and tested the second support level at 883.0. Hourly CCI entered bearish territory. Hourly MACD maintained in bearish territory after March 14th. Short-run signals were indicating the correction in continuance. First support 860.0. First resistance 900.0.
Author archives: Hao Pei
Daily Virtual Steel Mill Report 20/03/22
Market Verdict on Iron Ore： • Neutral to Bearish. Macro： • China PBOC announced that it will cut Reserve Requirement Rate by 25 bps for Financial institutions starting from March 27th, viewed as a positive sign to the investment market. • UBS to buy Credit Suisse in $3.3 billion to end crisis. Iron …
Iron Ore DCE May23 Daily Technical Review 17/03/22
Verdict- Neutral in Short-run. DCE May23 contract recovered the loss from yesterday, however slow down in the afternoon session. Hourly MACD potentially create gold cross. Hourly slow stochastic KD created gold cross above oversold area. A breakthrough on 921.0 would indicate a fast growth. First support 900.0. First resistance 936.0.
Daily Virtual Steel Mill Report 17/03/22
Market Verdict on Iron Ore： • Neutral. Macro： • The European Central Bank, raised interest rates by 50 basis points, has persisted in fighting inflation, ignoring calls from some investors for a temporary tightening of policy until the banking turmoil has eased. The ECB announced that it would raise its deposit rate to 3%, …
Iron Ore DCE May23 Daily Technical Review 16/03/22
Verdict- Bearish in Short-run. DCE May23 contract leaked after the global secondary market retreated. Iron ore broke important support at 900.0 during the day. The next support 883.0 created two periodic bottoms in the past two months. Hourly MACD widened in bearish territory. Hourly slow stochastic KD entered bearish territory. Iron ore in short-run potentially …
Continue reading “Iron Ore DCE May23 Daily Technical Review 16/03/22”
Daily Virtual Steel Mill Report 16/03/22
Market Verdict on Iron Ore： • Neutral to bearish. Macro： • The Federal Reserve interest rate swap indicated that the interest rates potentially decrease by 100 basis points before December. • US PPI rose 4.6% year-on-year in February, estimated 5.4%, and the previous value was revised to increase 5.7%; A month-on-month decrease of 0.1%, …
Iron Ore DCE May23 Daily Technical Review 15/03/22
Verdict- Neutral in Short-run DCE May23 contract consolidated in the previous expected rangebound from 900.0 – 936.0 during this week. Hourly MACD in bearish territory. Hourly CCI reached oversold area. Be aware of testing low in next session. First support 900.0. First resistance 936.0.
Daily Virtual Steel Mill Report 15/03/22
Market Verdict on Iron Ore： • Neutral. Macro： • The U.S. recorded an annual CPI of 6% in February without quarterly adjustment, which has declined for the eighth consecutive month and is the lowest since September 2021. The monthly CPI rate of the U.S. recorded 0.4% after the quarterly adjustment in February, the lowest …
Iron Ore DCE May23 Daily Technical Review 14/03/22
Verdict- Neutral in Short-run DCE May23 contract consolidated in the previous expected rangebound from 900.0 – 936.0. It is hard to see a direction unless a breakthrough on current range. Hourly slow stochastic KD created dead cross beneath the overbought area. Hourly CCI potentially entering bearish territory. Hourly MACD created dead cross. First support 900.0. …
Continue reading “Iron Ore DCE May23 Daily Technical Review 14/03/22”
Iron Ore DCE May23 Daily Technical Review 13/03/22
Verdict- Neutral in Short-run DCE May23 contract recovered major losses in Friday, returning to consolidation area. Hourly MACD was flat. Hourly CCI and Hourly slow stochastic KD maintained neutral. In short-run iron ore needs to test the range level from 900 – 932.5, otherwise there is no trend in short-run First support 900.0. First resistance …
Continue reading “Iron Ore DCE May23 Daily Technical Review 13/03/22”