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Verdict – Short-term bearish. DCE iron ore September contract struggled around 1111.0 level several times during the day and finally broke 1102.0, which was an important support level during the current two days. Hourly CCI went back into bearish area. Hourly MACD widened below 0 axis. Hourly KD softened after a dead cross above oversold …
Continue reading “Iron Ore DCE Sep Daily Technical Review 21/5/21”
Market Verdict on Iron Ore： · Iron ore short-run neutral. Macro · China’s one-year Loan Prime Rate was 3.85% in May, same as 3.85% last month. LPR 5-year was 4.65%, which was 4.65% last month as well. LPR has been “standing still” for 13 consecutive months. · Iranian President Mahmoud Rouhani says agreement has …
Verdict – Short-term neutral. DCE iron ore September contract tested low several times on 1102.0 area and rebounded, however still have some distance to the previous upper bound of the gap created last night. Hourly slow stochastic KD created gold cross above oversold area. Hourly CCI started to rebound prior to other technical signals. A …
Continue reading “Iron Ore DCE Sep Daily Technical Review 20/5/21”
Market Verdict on Iron Ore： · Iron ore short-run neutral. Macro · U.S. Federal meeting said if the economy continues to grow rapidly, it is appropriate to start discussing reducing the scale of bond purchase “at some time”, with mentioning the monetary policy. U.S. Treasury bonds corrected and traders raising expectations for the Federal …
Market Verdict on Iron Ore： · Iron ore short-run neutral to bearish. Macro · On May 18, China’s National Development and Reform Commission(NDRC) held a regular press conference: the NDRC and the General Administration of Market Supervision are jointly investigating the market conditions of steel and iron ore. “We will accelerate the construction of …
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Verdict – Short-term neutral. DCE iron ore September contract maintained consolidation in narrow range during the day, with 1214 as upper bound and 1166 as the lower bound. Volume narrowed consecutively during the trading day. Hourly CCI rebounded. Hourly MACD potentially create gold cross. However as the first day after a two day huge correction, …
Continue reading “Iron Ore DCE Sep Daily Technical Review 17/5/21”
Market Verdict on Iron Ore： · Iron ore short-run neutral. Macro · China National Bureau of Statistics: Jan-Apr electric power generation 2.53 trillion kwh, up 16.8% y-o-y, up 10.9% compared to the year 2019. · China April above scale industry realised added value growth rate 9.8%, last 14.1%, est. 9.8%. · Jan -Apr, China National …
Market Verdict on Iron Ore： · Iron ore short-run bearish. Macro · U.S. president Biden made a concession on the infrastructure investment on 200 million dollars proposed previously. · U.S. April PPI up 6.2% y-o-y, created the biggest increase from the year 2010, est. 5.8%. · Tangshan Market Regulation Bureau, National Development and Reform …
Verdict – Short-term bearish. DCE iron ore September contract continued correction, with a further correction expectation in next trading day. Hourly stochastic KD slumped after a dead cross in the first hourly of DCE night session yesterday. Hourly CCI however finally flattened after created a year-low level. Hourly candles filled the previous gap created after …
Continue reading “Iron Ore DCE Sep Daily Technical Review 13/5/21”
