Daily Virtual Steel Mill Report 12/04/22

Market Verdict on Iron Ore: • Neutral.   Macro: • IMF published the World Economic Outlook, estimated global economy growth by 2.8% in 2023, 0.1% lower than previous expectation. The estimated growth rate up 3% by 2024, down 0.1% than last prediction. • A report from the New York Federal Reserve stated that the Federal …

Iron Ore DCE September23 Daily Technical Review 11/04/22

Verdict- Neutral to bullish in Short-Run. DCE Sep23 contract gained support above important level at 771.0. Thus 771.0- 773.0 became a mid-run support. Hourly MACD returned to bullish territory. Hourly slow stochastic KD created gold cross above oversold area. Hourly CCI reached bullish territory. First support 771.0. First resistance 820.0.