Category archives: Ferrous

Iron Ore DCE May24 Daily Technical Review 26/02/24

Verdict- Neutral to Bearish. DCE May24 contract corrected massively after broke the periodic low around 885.5. Iron ore gained intra-day support at 871.0, however the short-run support should lie around 850.0. Slow stochastic KD corrected to oversold area. Hourly CCI moved in bearish territory. As said in previous reports, iron ore is facing mid-run selling …

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Daily Virtual Steel Mill Report 26/02/24

Verdict: • Short-run Neutral to Bearish.   Macro: • NAR statistic indicated that the sales of existing homes increased by 3.1% in January, which created the highest level since August 2023. S&P Global statistic indicated that the US February PMI dropped from 52.0 to 51.4. • IMF indicated that Japan economy could soften in 2024, …

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Iron Ore DCE May24 Daily Technical Review 23/02/24

Verdict- Neutral. DCE May24 contract temporarily ended the fast drop during the past two trading days. Hourly MACD widened in bullish area. Hourly CCI was rejected by bullish territory. Iron ore in short-run secured the area between 885.5- 915.0, however be aware of breakdown on 885.5 could bring market back to mid-run bearish trend. First …

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