Verdict- Neutral to Bearish in Short-run. DCE May23 contract potentially reversed from high area. Daily MACD was close to neutral area. Daily CCI was rejected by the lower bound of bullish territory. A test low is expected to happen in next few sessions. First support 844.0. First resistance 914.5.
Author archives: Hao Pei
Daily Virtual Steel Mill Report 03/04/22
Market Verdict on Iron Ore： • Neutral. Macro： • The banking crisis does not seem to be over yet, with the latest focus on Credit Suisse Financial Group. Morgan Stanley released a report saying that the outflow rate of funds from customers of Credit Suisse Wealth Management was twice as expected. The target price …
Iron Ore DCE May23 Daily Technical Review 31/03/22
Verdict- Neutral in Short-run. DCE May23 contract rolled late compared with same period over past few years, indicating there are still conflictions between long and short camps. The price level saw exhaustion today. Thus, the verdict was changed from bullish to neutral, considering May23 is less likely to trade in extreme level in the limited …
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Daily Virtual Steel Mill Report 31/03/22
Market Verdict on Iron Ore： • Neutral. Macro： • China PM Li Qiang stated that the economic performance in March was better than that in January and February. The main economic indicators were improving, including consumption, investment, employment, and prices. The government will introduce new policies and measures to support business development. • International …
Daily Virtual Steel Mill Report 30/03/22
Market Verdict on Iron Ore： • Neutral. Macro： • World Bank: Global economy growth rate potentially drop to the slowest since 2000, average growth rate at 2.2% from 2023 to 2030. Iron Ore Key Indicators: • Platts62 $125.10, +1.40, MTD $127.00. The iron ore market was back to normal as the risk appetite …
Iron Ore DCE May23 Daily Technical Review 29/03/22
Verdict- Bullish in Short-run. DCE May23 contract rebounded as expected. In short-run testing the resistance between 895.0 and 900.0 area. A breakthrough would indicate an acceleration on the current upward trend. Hourly slow stochastic created dead cross in overbought area however recovered back to the overbought level. Hourly MACD maintained in bullish territory. First support …
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Daily Virtual Steel Mill Report 29/03/22
Market Verdict on Iron Ore： • Neutral. Macro： • China BO’AO Asian Forum expected Asian countries potentially contribute a 4.5% GDP growth in 2023. Iron Ore Key Indicators: • Platts62 $123.7, +2.05, MTD $127.10. The iron ore market was back to normal as the risk appetite shift back. Physical trades on both float …
Iron Ore DCE May23 Daily Technical Review 28/03/22
Verdict- Bearish in Short-run. DCE May23 contract re-entered bullish trend in short-run, as daily successfully broke important resistance at 883.0 and closed on 1 yuan below. Iron ore largely break the resistance again in the next session and approach 900.0. Hourly slow stochastic KD entered over-bought area. Hourly CCI entered bullish territory. Hourly MACD moved …
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Daily Virtual Steel Mill Report 28/03/22
Market Verdict on Iron Ore： • Neutral. Macro： • China Jan-Feb industrial net income above designated scale reached 887.21 billion yuan, down 22.9% on the year • U.S. Insurance company FDIC said that First Citizens Bank & Trust Co. would take over all deposits and loans from Silicon Valley Bank (SVB), which may ease …
Iron Ore DCE May23 Daily Technical Review 27/03/22
Verdict- Bearish in Short-run. DCE May23 contract didn’t create deeper correction as expected last Friday. Iron ore stablised and recovered major support area from 855.0 – 860.0. The next resistance from 883.0 would potentially provide strong pressure, which was a neckline in mid-run. A rejection on 883.0 potentially bring iron ore back to correction phase. …
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