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Verdict – Short-term neutral to bullish. DCE iron ore May23 contract returned to bullish tunnel after broke previous high at 823.0. Hourly slow stochastic KD created three higher gold cross, approaching overbought area. Hourly MACD widened in bullish territory. Short-run technical signals were indicating a potential to test highs in the next few sessions. The …
Continue reading “Iron Ore DCE May23 Daily Technical Review 15/12/22”
Market Verdict on Iron Ore： • Neutral. Macro: • The U.S. Federal Reserve raised interest rates by 50 basis points in the last FOMC in 2022 as expected, and the benchmark interest rate rose to a new 15 year high of 4.25% – 4.5%, and reiterated that it was “possible” and appropriate to continue …
Verdict – Short-term neutral. DCE iron ore May23 contract consolidated and closed at same level as yesterday as expected from last report. Hourly CCI entered bullish territory. Hourly MACD narrowed above 0 axis. The first support is 789.0. The first resistance is 823.0
Market Verdict on Iron Ore： • Neutral. Macro: • U.S. CPI up 0.1% in November on the month, estimated up 0.3%, last 0.4%. November CPI up 7.1% on the year, created the smallest single month increase since December 2021, est. 7.3%, last 7.7%. November PCE up 6% on the year, est. 6.1%, last 6.3%. …
Verdict – Short-term neutral. DCE iron ore May23 contract tested low at 789.0, recovered loss and returned to neutral rangebound. The next resistance 823.0 used to be a roof area to reverse iron ore bullish market last time. Hourly slow stochastic KD created gold cross above 0 axis. Hourly MACD narrowed in bearish territory. The …
Continue reading “Iron Ore DCE May23 Daily Technical Review 13/12/22”
Market Verdict on Iron Ore： • Neutral. Macro: • EU planned to impose import tariffs on carbon emissions on steels, cements and polluted commodities, to support the European industries. • China PBOC(central bank): November social financing 1.99 trillion yuan, down 610.9 billion yuan on the year. M2 money supply remains at 264.7 trillion yuan, …
Verdict – Short-term neutral to bearish. DCE iron ore May23 contract retreated back to slight bearish trend after rejected by 823.5 and 808.5 respectively. If a breakdown on 800.0, iron ore potentially accelerate the intraday correction in next few sessions. Hourly MACD widened below bearish territory. Hourly slow stochastic KD reached oversold area after created …
Continue reading “Iron Ore DCE May23 Daily Technical Review 12/12/22”
Market Verdict on Iron Ore： • Neutral. Macro: • IMF predicted the global economy growth rate at 2.7% in 2023, there was 25% probability that the growth rate would be lower than 2%. IMF predicted that at least 1/3 of the countries would fall into economic recession. Iron Ore Key Indicators: • Platts62 …
Market Verdict on Iron Ore： • Neutral. Macro: • U.S. last week jobless claims filed at 230,000, est. 230,000, last 225,000. • China November CPI up 1.6%, last 2.1%. China November PPI down 1.3%, down 1.3% last. Iron Ore Key Indicators: • Platts62 $110.70, +3.25, MTD $107.98. Brazil northern system rainy weather potentially …
Verdict – Short-term neutral. DCE iron ore May23 contract recovered major loss created yesterday. Thus, iron ore return to consolidation trend in high area. Hourly MACD potentially create gold cross. Hourly CCI entered bullish territory. Hourly slow stochastic KD rebounded after created a gold cross. A recovery on 799.5 level would confirm an official return …
Continue reading “Iron Ore DCE May23 Daily Technical Review 08/12/22”
