Market Verdict on Iron Ore： • Neutral to bearish. Macro： • U.S. non-agriculture employment reached 517,000, created the biggest increase since July 2022, est. 185,000, last 260,000. • The Institute of Economy, Chinese Academy of Social Science published predictions on GDP growth at 3.4%, 7.2%, 4.2% and 5.2% for the four quarters of 2023 …
Tag archives: IO62
Iron Ore DCE May23 Daily Technical Review 03/02/22
Verdict – Short-term neutral. DCE iron ore May23 contract reversed the pervious bearish sentiment and failed to breakdown important resistance at 826.5. Hourly slow stochastic KD created gold cross above oversold area. Hourly MACD narrowed below 0 axis. Short-run neutral. The first support is 826.5 The first resistance is 870.0
Daily Virtual Steel Mill Report 03/02/22
Market Verdict on Iron Ore： • Neutral. Macro: • BOE increased interest rate by 50 bps at 4%, refreshed highest since October 2008. ECB increased interest rate by 50 bps to 3%. Iron Ore Key Indicators: • Platts62 $126.70, -2.25.The yesterday market slumped following the China-Australia talk, traders expect more iron ore import …
Iron Ore DCE May23 Daily Technical Review 02/02/22
Verdict – Short-term neutral to bearish. DCE iron ore May23 contract maintained correction as expected in previous trading days. The overlapping of mid-run and short-run bearish cycle finally caused a big correction. Hourly MACD expanded in bearish territory. Hourly slow stochastic KD deepened correction. Hourly CCI maintained in bearish territory. Technical signals were indicating testing …
Continue reading “Iron Ore DCE May23 Daily Technical Review 02/02/22”
Daily Virtual Steel Mill Report 02/02/22
Market Verdict on Iron Ore： • Neutral. Macro: • U.S. Federal increased interest rate by 25 bps, and reiterated to continue interest hike in 2023 without mentioning the possibility of interest decrease. Iron Ore Key Indicators: • Platts62 $126.70, -2.25.Physical market started to see great volume today after the derivatives market saw a …
Iron Ore DCE May23 Daily Technical Review 01/02/22
Verdict – Short-term neutral to bearish. DCE iron ore May23 contract maintained correction as expected in previous trading days. Hourly slow stochastic KD approached low area. Hourly CCI reached bearish territory. Hourly MACD created dead cross. The first support is 850.0 The first resistance is 881.5
Daily Virtual Steel Mill Report 01/02/22
Market Verdict on Iron Ore： • Neutral. Macro: • IMF published World Economy Development Outlook, increased China economy growth rate in 2023 by 0.8% to 5.2%. The organisation also increased global economy growth by 0.2% to 2.9%. Iron Ore Key Indicators: • Platts62 $127.40, +0.40, MTD $122.64.Physical market started to see great volume …
Iron Ore DCE May23 Daily Technical Review 31/01/22
Verdict – Short-term neutral to bearish. DCE iron ore May23 contract corrected by closing, with the growing volume. Hourly MACD created dead cross. It is worth noting that daily slow stochastic KD and MACD both indicated a bearish divergence with the increasing price movement from December 20th. Moreover, iron ore was in an hourly correction …
Continue reading “Iron Ore DCE May23 Daily Technical Review 31/01/22”
Daily Virtual Steel Mill Report 31/01/22
Market Verdict on Iron Ore： • Neutral. Macro： • The prosperity index of Eurozone reached 1.3 in January, refreshed new high since July 2022, last -1.5, est. -0.6. • China January Manufacturing PMI 50.1, est. 49.8, last 47. China industrial amount above designated scale at 8.4 trillion yuan in 2022, down 4% from 2021. …
Iron Ore DCE May23 Daily Technical Review 17/01/22
Verdict – Short-term neutral. DCE iron ore May23 contract consolidated and closed with a doji. Trading volume decreased with slower price movement and stable open interest, indicating the volatility of iron ore in short-run potentially decrease. Hourly slow stochastic KD created gold cross above oversold area. Hourly CCI left bearish territory. The first support is …
Continue reading “Iron Ore DCE May23 Daily Technical Review 17/01/22”