Iron Ore DCE Jan27 Daily Technical Review 05/09/24

Verdict- Neutral. DCE iron ore corrected as expected yesterday. Hourly high reached 697.5, which became major resistance. Hourly MACD narrowed in bearish area. Hourly slow stochastic KD created gold cross in oversold area. The last two candles saw support on 673.0-673.5. Open interest continuous increased during past three days. A stand on 673.0 would bring …

Daily Virtual Steel Mill Report 05/09/24

Verdict: • Short-run Neutral.   Macro: • US Beige Book showed stagnant and declining US economic activities. Price and wages rose modestly in recent weeks. Employers decreased hiring. The Atlantic Federal officer Bostic indicated that the high for long interest rate would hurt job market. • Canada cut interest rate by 25 bps for the …