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Verdict – Short-term neutral. DCE iron ore September maintained consolidation as expected. The rangebound became smaller observed by lower highs and higher lows. Hourly CCI flattened. Hourly MACD slowed down above 0 axis. The current strong resistance was 694.5, which was the upper boundary of a previous gap. The lower support lied in 634.5 …
Continue reading “Iron Ore DCE September Daily Technical Review 21/07/22”
Market Verdict on Iron Ore： • Neutral. Macro • China July 1-year LPR at 3.7%, est. 3.7%, last 3.7%. 5-year LPR 4.45%, est. 4.45%, last 4.45%. • The European Central Bank is expected to raise interest rates for the first time in 11 years on July 21st. Market expect the interest hike would raise …
Verdict – Short-term neutral. DCE iron ore September created lower highs and lower lows during the day. The low of the day at 633.5 broke important support at 633.5. The next breakdown on this level would confirm a new round of accelerated correction. Otherwise iron ore potentially stay in narrower rangebound area. Hourly MACD …
Continue reading “Iron Ore DCE September Daily Technical Review 20/07/22”
Market Verdict on Iron Ore： • Neutral to bullish. Macro • Russia expected to restart Nordstream I Natural Gas pipe on Thursday, with 40% capacity. • Eurozone June CPI up 8.6%, last 8.6%, est. 8.6%. Iron Ore Key Indicators: • Platts62 $96.45, -4.45, MTD $107.61. Resurgence of Covid-19 spread in new areas of …
Verdict – Short-term neutral. DCE iron ore September tested high however rejected below important resistance at 694.5. Hourly MACD narrowed above 0 axis. Hourly slow stochastic KD corrected after dead cross below overbought area. Short-run neutral. The first support is 650.0. The first resistance is 694.5.
Market Verdict on Iron Ore： • Neutral. Macro • Reuters news indicated a letter from Gazprom had announced force majeure to at least one of its clients on the natural gas supply. U.S. white house predicted that OPEC + would increase oil supply after the talk between Joseph Biden and the middle-east countries. …
Verdict – Short-term neutral to bullish. DCE iron ore September recovered the loss from previous trading day, following the rebound of all commodities, after a clearly oversold sentiment priced-in the market over last week. If a breakthrough on 695.0, iron ore potentially maintain the fast rebounding. Otherwise, iron ore potentially enter a narrowing consolidation …
Continue reading “Iron Ore DCE September Daily Technical Review 18/07/22”
Market Verdict on Iron Ore： • Neutral. Macro • China June excavators working hours at 95.2 hours, down 8.1% on the month, down 13.1% on the year. Japan June working hours at 49.3 hours, up 18.2% on the month, down 4.7% on the year. Europe June working hours at 75.6 hours, down 0.3% on …
Iron ore’s brutal decline that saw it tumble nearly 15% last week has been halted, after reports emerged that China’s government has stepped in to resolve the wave of homebuyers’ defaults that sent shockwaves across the economy. Reports that authorities are weighing in and guiding banks to ease credit flows to property developers saw prices …
Verdict – Short-term neutral to bearish. DCE iron ore September down , created the biggest single day drop since Jun 20th. The gap area from 677- 694.5 became the major resistance area. Hourly CCI slightly picked up approaching the boundary of neutral area. Technical signals were indicating a potential to test low in next …
Continue reading “Iron Ore DCE September Daily Technical Review 15/07/22”
