Verdict – Short-term neutral to bearish. DCE iron ore May23 contract maintained correction as expected in previous trading days. Hourly slow stochastic KD approached low area. Hourly CCI reached bearish territory. Hourly MACD created dead cross. The first support is 850.0 The first resistance is 881.5
Author archives: Hao Pei
Daily Virtual Steel Mill Report 01/02/22
Market Verdict on Iron Ore： • Neutral. Macro: • IMF published World Economy Development Outlook, increased China economy growth rate in 2023 by 0.8% to 5.2%. The organisation also increased global economy growth by 0.2% to 2.9%. Iron Ore Key Indicators: • Platts62 $127.40, +0.40, MTD $122.64.Physical market started to see great volume …
Iron Ore DCE May23 Daily Technical Review 31/01/22
Verdict – Short-term neutral to bearish. DCE iron ore May23 contract corrected by closing, with the growing volume. Hourly MACD created dead cross. It is worth noting that daily slow stochastic KD and MACD both indicated a bearish divergence with the increasing price movement from December 20th. Moreover, iron ore was in an hourly correction …
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Daily Virtual Steel Mill Report 31/01/22
Market Verdict on Iron Ore： • Neutral. Macro： • The prosperity index of Eurozone reached 1.3 in January, refreshed new high since July 2022, last -1.5, est. -0.6. • China January Manufacturing PMI 50.1, est. 49.8, last 47. China industrial amount above designated scale at 8.4 trillion yuan in 2022, down 4% from 2021. …
Iron Ore DCE May23 Daily Technical Review 17/01/22
Verdict – Short-term neutral. DCE iron ore May23 contract consolidated and closed with a doji. Trading volume decreased with slower price movement and stable open interest, indicating the volatility of iron ore in short-run potentially decrease. Hourly slow stochastic KD created gold cross above oversold area. Hourly CCI left bearish territory. The first support is …
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Daily Virtual Steel Mill Report 17/01/22
Market Verdict on Iron Ore： • Neutral to bearish. Macro: • The China Banking and Insurance Regulatory Commission issued a message that it should focus on expanding domestic demand and lead the banking and insurance industry to give priority to supporting recovery and expanding consumption, including issuing relevant financial products, supporting consumption in housing, …
Iron Ore DCE May23 Daily Technical Review 16/01/22
Verdict – Short-term neutral to bearish. DCE iron ore May23 contract corrected as expected last week, the open positions decreased by 100,000 lots during the day with massive retreat in short-run investors before Chinese New Year. Hourly CCI entered bearish territory. Hourly slow stochastic KD corrected after a dead cross created above overbought area. …
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Daily Virtual Steel Mill Report 16/01/22
Market Verdict on Iron Ore： • Neutral to bearish. Macro： • China exported 3.32 million automobiles in 2022, up 56.8% on the year. Import 878,000 vehicles, down 6.2% on the year. China produced 27.02 million automobiles, up 3.4% on the year. Sales at 26.86 million vehicles, up 2.1% on the year. • The initial …
Daily Virtual Steel Mill Report 13/01/22
Market Verdict on Iron Ore： • Neutral. Macro: • The annual rate of CPI in the U.S. in December was 6.5%, expected 6.50%, and the previous value was 7.10%. • Research Center of the Chinese Academy of Sciences: China’s economy condition maintain resilient in 2023, and the annual GDP growth rate is expected to …
Iron Ore DCE May23 Daily Technical Review 12/01/22
Verdict – Short-term neutral. DCE iron ore May23 contract broke important resistance at 856.0. The contract was only 11.5 yuan from listed high. Hourly MACD widened in bullish territory. Hourly KD reached oversold area after two gold crosses created during the past two trading days. CCI entered bullish territory. Short-run signals were indicating potential to …
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