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Verdict – Short-term neutral to bearish. DCE iron ore September rejected below previous high at 1252.0 level. From hourly chart, the iron ore was also rejected by 1204.0 level, which was close to a neckline of a double top pattern. The price movement and candle pattern were indicating iron ore price entered a corrective phase. …
Continue reading “Iron Ore DCE Sep Daily Technical Review 8/7/21”
Market Verdict on Iron Ore： · Iron ore short-run neutral. Macro · China Prime Minister held a conference to facilitate RRR cuts focusing on decrease cost for mid-small capital enterprises. The RRR cuts were not related to a general loose on money supply. · According to the National Development of Reform Commission’s “14th five year” …
Iron ore futures rebounded from earlier losses in the morning session to close the afternoon session on positive note. The futures of Dalian Commodity Exchange (DCE) for September delivery then rose by 1.02% day-on-day or up RMB 12.50 to RMB 1,244/mt at the close of day trading session on Wednesday. The rebar futures continued to …
Verdict – Short-term neutral. DCE iron ore September rebounded for the fourth trading day, however resisted below the important pivot level at 1253.5, which was a previous high. A rejection on this level for the next few days potentially bring iron ore into a consolidation area. Hourly MACD flattened. Hourly CCI recover and spiked to …
Continue reading “Iron Ore DCE Sep Daily Technical Review 7/7/21”
Market Verdict on Iron Ore： · Iron ore short-run neutral. Macro · The general office of the CPC Central Committee and the general office of the State Council proposed to crack down on illegal securities activities in accordance with the law, strictly investigate the legality of the sources of securities investment funds, and strictly control …
Iron ore futures rose for the second consecutive trading day, following the upticks in steel prices and lower iron ore shipments. The futures of Dalian Commodity Exchange (DCE) for September delivery then rose by 2.84% day-on-day or up RMB 34 to RMB 1,231/mt at the close of day trading session on Tuesday. The rebar futures …
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Iron ore futures hiked up at the start of the week, as steel production resumed after centennial celebration of political party in early July. The futures of Dalian Commodity Exchange (DCE) for September delivery then rose by 5.51% day-on-day or up RMB 64 to RMB 1,225/mt at the close of day trading session on Monday. …
Verdict – Short-term neutral. DCE iron ore September rebounded significantly during the day session, however price was resisted by 1222.5 level for three times from minute-to-minute chart. Hourly slow stochastic KD potentially flattened. Hourly CCI potentially reverse from the high. Hourly MACD expanded. Short-run technical signals were indicating a temporary breath over a two day …
Continue reading “Iron Ore DCE Sep Daily Technical Review 5/7/21”
Market Verdict on Iron Ore： · Iron ore short-run neutral. Macro · The number of non-agricultural employment in the United States increased by 850,000 in June, which was larger than expected at 720,000. Last number 559,000. The U.S. unemployment rate in June was 5.9%, estimated at 5.6%, previous 5.8%. Iron Ore Key Indicators: · Platts62 …
