Verdict- Neutral to Bullish. DCE Jan24 contract rebounded as expected. Hourly slow stochastic tested high in overbought area. Hourly MACD widened in bullish territory. Be aware of the range between 873.5 -881.5, which used to be a reversal area for the market in late September. First support 857.5. First resistance 881.5.
Tag archives: iron ore
Daily Virtual Steel Mill Report 17/10/23
Verdict: • Short-run Neutral. Macro: • Russia increased crude oil export tax to $26.2/mt effective from November 1st. • China listed companies started to unveil buyback plans. The companies were state-owned giants including Sinopec, Baoshan Iron and Steel and COSCO. Market participants expected more buyback plans emerged in the rest of October. Iron …
Iron Ore DCE January24 Daily Technical Review 16/10/23
Verdict- Neutral to Bullish. DCE Jan24 contract rebounded as expected. Hourly slow stochastic reached overbought area. Hourly CCI reached bullish territory. Hourly MACD widened in bullish territory. First support 840.0. First resistance 881.5.
Daily Virtual Steel Mill Report 16/10/23
Verdict: • Short-run Neutral. Macro: • China credit growth held steady in September with rapid government bond issuance to fund infrastructure sector, while strong mortgage lending statistics offsetting the decreasing new bank loans. M2 increased 10.3% in September on the year, last 10.6%, est. 10.6%. Iron Ore Key Indicators: • Platts62 $118.45, +0.25, …
Iron Ore DCE January24 Daily Technical Review 13/10/23
Verdict- Neutral to Bullish. DCE Jan24 contract rebounded as expected. Hourly slow stochastic was testing overbought area. Hourly MACD widened in bullish territory. In short-run, iron ore potentially extends the bullish sentiment. First support 832.5. First resistance 858.0.
Daily Virtual Steel Mill Report 13/10/23
Verdict: • Short-run Neutral. Macro: • US September CPI up 3.7% on the year, est. 3.6%, last 3.7%. September CPI up 0.4% on the year, est. 0.3%, last 0.6%. The jobless claims in US last week reached 209,000, est. 210,000, last 207,000. • Opec monthly report increased global economy in 2023 to 2.8%, maintain …
Iron Ore DCE January24 Daily Technical Review 11/10/23
Verdict- Neutral to Bullish. DCE Jan24 contract built short-run bottom at 812.5 -814.0 area. Thus, price movement shift from bearish to neutral. A breakthrough on 831.0 would mean the sustainability on this round of rebound. Hourly MACD created gold cross and entered bullish territory. Hourly CCI entered neutral territory. First support 823.5. First resistance 858.0. …
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Daily Virtual Steel Mill Report 12/10/23
Verdict: • Short-run Neutral. Macro: • China sovereign wealth fund increased its stake for the four biggest national banks for the first time since 2015, fueling hopes of rescuing investment market. • Federal Reserve policymakers agreed last month that policy should remain restrictive for further months, noting the risks of overtightening. Iron Ore …
Iron Ore DCE January24 Daily Technical Review 28/09/23
Verdict- Neutral. DCE Jan24 contract rebounded slightly with a narrowed trading volume as the China golden weeks looming. Both resistance and support level moved up a bit to 858.0 and 835.0 respectively. Hourly MACD widened in bullish territory. The mid-run neutral outlook maintaining unchanged. First support 835.0. First resistance 858.0.
Daily Virtual Steel Mill Report 28/09/23
Verdict: • Short-run Neutral. Macro: • China NBS: The industrial profit above designated scale in August reversed negative to positive number, up 17.2% on the year. Jan-Aug total down 11.7% on the year. The drop during Jan-Aug was majorly dragged by the ferrous metallurgical industry, which decreased by 57.1% on the year. Iron …