Iron Ore DCE May24 Daily Technical Review 05/01/24

Verdict- Neutral to Bearish   DCE May24 contract started the second correction day after warning about the reversal risk for last three trading days. Hourly MACD widened in bearish territory. Hourly slow stochastic KD entered oversold area. Hourly CCI entered bearish territory. The market potentially test low in next few sessions.   First support 950.0. …

Daily Virtual Steel Mill Report 05/01/24

Verdict: • Short-run Bearish.   Macro: • The United Nations released the “World Economic Situation and Prospects 2024”: Global economic growth is expected to slow down from 2.7% in 2023 to 2.4% in 2024. At the same time, the report predicts that global inflation will fall further, from 5.7% in 2023 to 3.9% in 2024. …