Verdict- Neutral in Short-run DCE May23 contract consolidated in the previous expected rangebound from 900.0 – 936.0 during this week. Hourly MACD in bearish territory. Hourly CCI reached oversold area. Be aware of testing low in next session. First support 900.0. First resistance 936.0.
Tag archives: IO62
Daily Virtual Steel Mill Report 15/03/22
Market Verdict on Iron Ore： • Neutral. Macro： • The U.S. recorded an annual CPI of 6% in February without quarterly adjustment, which has declined for the eighth consecutive month and is the lowest since September 2021. The monthly CPI rate of the U.S. recorded 0.4% after the quarterly adjustment in February, the lowest …
Iron Ore DCE May23 Daily Technical Review 14/03/22
Verdict- Neutral in Short-run DCE May23 contract consolidated in the previous expected rangebound from 900.0 – 936.0. It is hard to see a direction unless a breakthrough on current range. Hourly slow stochastic KD created dead cross beneath the overbought area. Hourly CCI potentially entering bearish territory. Hourly MACD created dead cross. First support 900.0. …
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Iron Ore DCE May23 Daily Technical Review 13/03/22
Verdict- Neutral in Short-run DCE May23 contract recovered major losses in Friday, returning to consolidation area. Hourly MACD was flat. Hourly CCI and Hourly slow stochastic KD maintained neutral. In short-run iron ore needs to test the range level from 900 – 932.5, otherwise there is no trend in short-run First support 900.0. First resistance …
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Daily Virtual Steel Mill Report 13/03/22
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. February non-farm payroll increased by 311,000, estimated up 225,000, last 517,000. U.S. February jobless rate at 3.6%, est. 3.4%, last 3.4%. • U.S. federal reserve announced emergency bank financing program(BTFP). The Ministry of Finance will provide $25 billion to support bank loans. According to …
Iron Ore DCE May23 Daily Technical Review 09/03/22
Verdict – Short-term neutral. DCE iron ore May23 contract tested low and rebounded in late market. Iron ore was largely waiting for direction as expected in previous reports during this week. Hourly CCI entered bullish area. Hourly MACD flattened. Iron ore was moving in the range from 873.0 to 923.5. The first support is 873.0. …
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Daily Virtual Steel Mill Report 09/03/22
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. January ADP new added jobs 242,000, higher than expected 200,000. Job vacancies in the month dropped to 10.8 million. • China January CPI up 1% on the year, estimated 1.9%, last 2.1%. China January PPI down 1.4% on the year, estimated 1.3%, last down …
Iron Ore DCE May23 Daily Technical Review 08/03/22
Verdict – Short-term neutral. DCE iron ore May23 contract saw some exhaustion by testing high. In long-run the time window is not friendly to iron ore, since iron ore futures have rebounded over 4 months. Hourly slow stochastic KD created dead cross below overbought area. Hourly MACD narrowed in bullish territory. Hourly CCI approached overbought …
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Daily Virtual Steel Mill Report 08/03/22
Market Verdict on Iron Ore： • Neutral. Macro： • Federal Reserve Chairman Jerome Powell said in his congressional testimony that he would further raise interest rates to achieve the 2% inflation target. The final interest rate level is higher than previously expected. If necessary, he would accelerate the pace of interest rate increase. Powell …
Iron Ore DCE May23 Daily Technical Review 07/03/22
Verdict – Short-term neutral DCE iron ore May23 contract increased significantly during the day. Hourly slow stochastic KD approahed overbought area after gold cross. Hourly MACD created gold cross. Iron ore need to breakthrough 918.5- 923.5 area, to return to bullish-run. The level 918.5 used to be an upper bound of a gap, while 923.5 …
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