FIS API Blog
Verdict- Neutral. Iron ore rebounded and returned to the closing by two days ago. Iron ore maintained neutral sentiment as expected. Hourly MACD narrowed in bullish territory. Iron ore consolidated in the 791.0 – 830.0 range. It would be hard to see directional movement without breaking through this range box. First support 791.0. First resistance …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 28/06/24”
Verdict: • Short-run Neutral. Macro: • China National Bureau of Statistics: From January to May, the total profit of the ferrous metal smelting and rolling processing industry was a loss of 12.72 billion yuan. • The IMF has lowered its forecast for real GDP growth in US in 2024 from 2.7% in April to …
Verdict- Neutral. Iron ore corrected after testing high. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI corrected from bullish territory to neutral area. Hourly MACD narrowed in bullish area. Iron ore potentially regain support if not breaking down 791.0 level. First support 791.0. First resistance 830.0.
Verdict: • Short-run Neutral. Macro: • US new house sales down 11.3% in May, refreshed six-month low because of the high mortgage rate. The new house supplies refreshed 16-year-high. • From January to May, China industrial enterprises above designated size value added amount reached 2.75 trillion yuan, up 3.4% on the year. Iron …
Verdict- Neutral to Bullish. Iron ore closed higher for the second trading day, and previous resistance level 796.0 became new support. Hourly MACD widened in bullish territory. Hourly CCI created listed high. Iron ore potentially test high in the next few sessions. First support 796.0. First resistance 840.0.
Verdict: • Short-run Neutral. Macro: • US Federal governor Miki Bowman said the earliest interest cut would be in 2025 concerning the high inflation rate. However, the other governor Lisa Cook indicated the inflation went down in March and June, the interest cut in 2024 would be propriate. Iron Ore Key Indicators: • …
Verdict- Neutral. Iron ore closed at 801.0, higher than last closing at 795.5 with smaller volume and some taking gains observed from previous sellers. Hourly MACD narrower in bearish territory. Iron ore traded higher than 791.0 tomorrow generally mean a return to consolidation. First support 791.0. First resistance 810.0.
Verdict: • Short-run Neutral. Macro: • EU Comission will launch a technical conference with China regarding to the current plan on imposing EVs import duty. Iron Ore Key Indicators: • Platts62 $102.65, -2.45, MTD $106.72. Steel demand became slower as China entered rainy weather in southern areas and extreme high temperature in northern …
Verdict- Neutral. DCE Sep24 broke down important support at 797.0 with significant increased positions, indicating the new sellers were aggressive. Hourly MACD widened in bearish territory. Hourly CCI rebounded and approached boundary of bear and neutral area. If iron ore recovered 797.0 – 800.0, the price trend potentially return to consolidation. First support 750.0. First …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 24/06/24”
Verdict: • Short-run Neutral. Macro: • The Central Meteorological Observatory of China issued rainstorm warning that from 8:00 on June 24th to 8:00 on June 25th, there would be heavy to rainstorm in at least 8 provinces of China. • US existing home sales fell a third month by 0.7% to 4.11 million, as …
