Verdict- Neutral to bearish. DCE Sep23 contract corrected significantly during the trading day, impacted by the macro crush on secondary market. Hourly MACD widened in bearish territory. Hourly slow stochastic KD deepened correction. If a holding up on last periodic low at 675.5, then potentially see rebound. First support 675.5. First resistance 700.0.
Author archives: Hao Pei
Daily Virtual Steel Mill Report 24/05/22
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. Markit May PMI 48.5, less than expected 50, refreshed the lowest of last three months. Eurozone PMI May at 44.6, last 45.8. • The third round of U.S. Debt ceiling negotiations between the White House and Congressional leadership continued with no resolution, although both …
Iron Ore DCE September23 Daily Technical Review 22/05/23
Verdict- Neutral. DCE Sep23 contract corrected significantly during the day. Hourly MACD widened in bearish territory. Hourly slow stochastic KD created lower dead cross. Hourly CCI fell into bearish territory. A recovery on 719.5 would suggest iron ore returned to neutral. Otherwise, iron ore expected a continuous drop in the next session. First support 693.5 …
Continue reading “Iron Ore DCE September23 Daily Technical Review 22/05/23”
Daily Virtual Steel Mill Report 22/05/22
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. Federal president Jerome Powell indicated that the consumer price was the key of economy. To maintain a stable price was the responsibility of U.S. Federal. The realization of 2% inflation target along with the credit risk would bring long-term panic to economy. Thus, interest …
Iron Ore DCE September23 Daily Technical Review 19/05/22
Verdict- Neutral. DCE Sep23 contract corrected during the trading day. Hourly slow stochastic KD corrected after created a dead cross near overbought area. Hourly CCI approached bearish territory. A stand on 719.5 in next few sessions would indicate the ascending tunnel should be supportive to the price movement. Otherwise iron ore returned to mid-run neutral …
Continue reading “Iron Ore DCE September23 Daily Technical Review 19/05/22”
Daily Virtual Steel Mill Report 19/05/22
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. Labor Department reported a big drop on jobless claims, by 22,000 files, refreshed the biggest decrease from November 20th. House sales in April down 3.4% on the year. Iron Ore Key Indicators: • Platts62 $110.30, -0.70, MTD $106.75. Chinese ports maintained active trades. …
Iron Ore DCE September23 Daily Technical Review 18/05/22
Verdict- Neutral to bullish. DCE Sep23 contract closed on the similar level to the open. Hourly slow stochastic KD created dead cross below overbought area. Hourly CCI entered neutral area from bullish territory. A breakthrough on 650 – 652.5 would confirm an intra-day acceleration on price movement. First support 733.0. First resistance 794.5.
Daily Virtual Steel Mill Report 18/05/22
Market Verdict on Iron Ore： • Neutral. Macro： • Eurozone April CPI up 7% on the year, estimated 7%. April CPI up 0.6% on the month, estimated 0.7%. Eurozone core CPI up 5.6% on the year, estimated 5.6%. • IIF indicated that global debt increased by 8.3 trillion dollars in the first three months …
Iron Ore DCE September23 Daily Technical Review 17/05/22
Verdict- Neutral to bullish. DCE Sep23 contract broke upper bound at 733.0 of a box area. The price accelerated significantly after the breakthrough. Hourly MACD widened in overbought area. Hourly CCI entered bullish territory. Short-run signals were indicating rebound in next few sessions. First support 719.5. First resistance 794.5.
Daily Virtual Steel Mill Report 17/05/22
Market Verdict on Iron Ore： • Neutral to Bullish. Macro： • The Chinese NBS statistic indicated that property investment decreased by 6.2% from January to April, which was 5.8% from January to March. The decrease was slight faster than market expectation. • Fu Linghui, spokesperson for the National Bureau of Statistics of China, stated …