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Verdict – Short-term neutral. DCE iron ore September re-entered into a new consolidation area in the first few trading days of August. Hourly MACD expanded above 0 axis. Hourly slow stochastic KD rebounded. A continuance of rebound need a confirm to break 1077.0, however the resistance around 1100.0 was significant. Short-run consolidation in narrowing range. …
Continue reading “Iron Ore DCE Sep Daily Technical Review 4/8/21”
Market Verdict on Iron Ore： · Iron ore short-run neutral. Macro · China Caixin July PMI 54.9, est. 50.5, last 50.3. · China Automobile Association: China July Automobile sales 1.82 million, down 9.7% m-o-m, down 13.8% y-o-y. · Since the end of July, China weather has gradually improved, the local market demand has recovered rapidly, …
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Verdict – Short-term neutral, slow down on correction. DCE iron ore September recover after a huge correction, as expected last Friday. Hourly MACD potentially create a gold cross. Hourly slow stochastic KD potentially rebound from oversold area. Hourly CCI created a multiple bottom areas and rebound to neutral area. Technical signals were indicating an oversold …
Continue reading “Iron Ore DCE Sep Daily Technical Review 2/8/21”
Market Verdict on Iron Ore： · Iron ore short-run oversold, potential to maintain rebound and test high. Macro · China political conference required to maintain commodity price stable. China central bank propose to maintain a stable monetary in the second half year of 2021. · Jiangsu closed 55 highway exits and entrances because of the …
SGX Iron Ore 62% Futures& Options Open Interest (Jul 29th) · Futures 91,720,000 tonnes(Increase 3,532,700 tonnes) · Options 86,299,400 tonnes(Increase 700,000 tonnes) Steel Key Indicators · The Tariff Commission of the State Council announced that the export of ferrochromium and high-purity pig iron will be appropriately increased from August 1st, 2021, and the export tax …
Verdict – Short-term neutral, slow down on correction. DCE iron ore September tested two months low at 1094.0 and rebounded fast before closing to recover partial loss. In general, the support around 1110- 1113.5 was strong even it was broken during the market, since price and volume went up to push price back quickly. A …
Continue reading “Iron Ore DCE Sep Daily Technical Review 29/7/21”
Market Verdict on Iron Ore： · Iron ore short-run neutral. Macro · U.S. Federal maintained 0-0.25% unchanged as interest rate, fell in expectation. · FTSE A50 Index rebounded near 3% overnight. Shanghai Equity rebounded 1.5% in early afternoon. Iron Ore Key Indicators: · Platts62 $201.25, +0.80, MTD $214.54. · China Iron and Steel Association(CISA): The …
Verdict – Short-term neutral. DCE iron ore September finally ended with a rebound almost cover the loss from last trading day. However the rebound with small volume was not strong enough to create a firm trend. Hourly MACD expanded above 0 axis. The lower support at 1100- 1103.5 provide strong rebound several times from early …
Continue reading “Iron Ore DCE Sep Daily Technical Review 28/7/21”
Market Verdict on Iron Ore： · Iron ore short-run neutral. Macro · National Bureau of Statistics: H1 2021 above designated industry companies total profit 4.22 trillion yuan, up 66.9% y-o-y, up 45.5% compared to the year 2019. · IMF global economic development review indicated the year 2021 global economy growth at 6%, in the year …
